Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Two Ways: Rebuilding This Citi?


Strengthen your portfolio in good times and bad.

Citigroup (C), a bastion of the great recession, swung to a first quarter profit, the first in over a year, due to trading gains and accounting benefits for distressed companies.

According to Bloomberg, Citi posted net income of $1.6 billion for the quarter which compares with a net loss of $5.11 billion for the same period a year earlier. Revenues, meanwhile, nearly doubled to $24.79 billion boosted in part by trading revenue in the fixed-income segment.

Noteworthy, however, is that Citigroup grew its loan loss reserves in its credit-card business by 64% from a year earlier to $3.09 billion. The bank partially offset these reserves by increasing the interest rates on credit-cards which rose to 13% from 11% a year earlier.

Shares of Citigroup fell today by 9% to $3.65.

See related article, Minyan Peter's Bank Earnings: The Hole Truth.

From the Bull Pen: Is gold an opportunity here? One can use the ETF (GLD); limit risk with a sell stop below the 200 DMA(84.30)

From the Bear Cave: Noteworthy is the failure of the S&P 500 at 875. Bears can play the downside with a buy stop above that level. For a trade, one can consider using the Ultrashort S&P 500 (SDS) or simply the S&P depository receipts (SPY).

Have a great weekend, Minyans!

In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.
< Previous
  • 1
Next >
Position in SPY

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos