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Spotlight Stocks: Citigroup, Google, E*Trade, Honeywell


Friday's top stories and stocks with potential to move.

Stocks to watch for Friday, April 18, 2008:

  • Citigroup (C) posted a wider than expected loss this morning of $1.02 per share or $5.1 billion compared to estimates of $0.95 per share. The results included a host of credit-related writedowns, including $6.0 billion in subprime mortgage assets, $3.1 billion on leveraged loan commitments, $1.5 billion related to mono-line insurer exposure, $1.5 billion from its auction rate securities inventory and $3.1 billion in higher global credit costs.
  • After the bell yesterday online search leader Google (GOOG) posted better than expected earnings for the first quarter, $4.84 per share vs. analyst estimates of $4.52. Shares jumped in the after hours session and are trading higher by almost 75 points, or 17% this morning to $525.
  • E*Trade Financial (ETFC), the online brokerage struggling under the weight of bad bets in the mortgage market, reported a loss of $91.2 million, or $0.20 per share compared with a loss of $1.7 billion in the previous quarter. Shares are edging higher this morning as the company vowed to return to profitability this year.
  • SanDisk Corp (SNDK), the seller of flash memory cards, swung to a gain in the first quarter on higher sales of electronic gadgets. The company beat analyst estimates on revenue of $850 million, but earned $0.21 per share compared to projections of $0.27.
  • Dow Jones Industrial Average component Honeywell (HON) reports earnings today, analysts expect the company to earn $0.82 per share.
  • New York Attorney General Andrew Cuomo is launching a sweeping investigation into troubles in the auction rate securities market, looking for information from 18 financial institutions. The Wall Street Journal reports Wall Street firms such as UBS (UBS), Merrill Lynch (MER) and Goldman Sachs (GS).

Market Recap

  • Asian trading closed with the Hang Seng -0.25%, Nikkei +0.58%, Sensex +1.46%, Taiwan -0.18%, and Shanghai -3.97%.
  • A quick check over in Europe, we find the CAC +1.3%, FTSE +1.06%, DAX +1.58%, ATX +0.90%, Swiss Mkt. +2.13%, and Stockholm +1.19%.
  • Over in commodities, gold is lower -3.8 to 936.00 and crude oil is down -0.71 to 114.16.
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No positions in stocks mentioned.

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