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Citi Stock Slides Following Weak Results Despite Accounting Gimmickry
Citi stock sliding (and below the $5 "psychological barrier") following poor earnings which miss EPS big, coming at $0.04 on expectations of $0.08. Q4 revenue USD 18.37 billion vs. Exp. USD 20.36 billion. Tier 1 common ratio of 10.7% at quarter end. Tier 1 capital ratio 12.9% at quarter end. Company says provision for credit losses and for benefits and claims declined USD 25.7bln, the provision for credit losses and for benefits and claims declined by USD 25.7bln for FY 2010 to USD 26.0bln, and the allowance for loan losses was USD 40.7bln at quarter end. According to the company the economic environment 'remains challenging.' And all this happens even as the FASB continues to give banks a green light to pull numbers out of thin air.
Full press release - link.
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Massive wiff - buy em!
This may be a surprise to Wall Street, but inflation and high oil prices are NOT good for stocks.
Not because of any fundamental reasons; such as rising interest rates, higher corporate costs, higher consumer pass-through costs....
but because it means there may not be a QE3.
Whatever happened to the requirement to pre-disclose a material miss?
I work for a small company and we take the rules seriously.
Citibank of Fraud. With an Indian at the head.
You should see their loan recovery crews in India, where the law is not really a recourse at all. Brutal. Their mafia fist does not sit well in the velvet glove.
ORI
http://aadivaahan.wordpress.com
You do realise that if the TAXI community reads your post you'll never be able to catch a cab IN YOUR LIFE!!
In NY NY you mean? Thank god I don't live there.
ORI
Calling all units, we need a bail out immediately.
Sooooo...Citi rallied 30% in Q4 to miss earnings by a mile. But I thought markets were forward looking? Joe Kernan is a liar!
I'm just surprised it's not "priced in already". City down? Surelythatcan'tbeso
In 1h and 6 minutes that will ALL be priced in and it will rally again.
POMO previously know as PPT WILL SAVE THE DAY!!
"...will rally again."
Don't know. Options expire Friday and max pain is four.
5+ million mortgages behind by at least 2 months....and banks are lowering their reserves....Mark to Fantasy Accounting is a great thing (for bankers' bonuses).
the bernank is singing: "fa la la la la la btfd fa la la la"
two things are certain in life: death and banker bonuses.
And according to the Bernankster... this is the DIP! Better Buy Now While You Can!!! DJIA to 20K Alice!
I hope the nazi slags explode...they turned me down for an interview because i wasn't good looking enough.
Lehman Brothers once turned me down for an interview because I called their HR people "a bunch of good-for-nothing cocksuckers". True story - Canary Wharf June 2007.
lol, everyone’s interactions with Lehman’s became surreal when they folded. They did a milk round presentation at my uni the year before it all kicked off and were only to eager to boast about they're superiority when it came to making loadsa money. The only question i remember any of the students asking that night was "are there any sleeping pods at Lehman?"...to which the reply came "we're working on it". -true story.
If they would have put the expectations at 0.0000001 EPS, the stock would be at 20$ right now...
DAMNED ANALYSTS!!! DAMNED MEDIA!!!
BOoooEEEEEE!!!
:)
i'd junk ya but i be laughing too hard!
I hear it's vecoming popular to Max Out your Citi Card to buy a massive stack of Silver! Maybee buy all kinds of things, live it up! Then you quit paying them. TBTF will have much "accounting" troubles ahead, methinks
At least BAC is still sniffing Helium!
Dow futures still in the green, predictably. No doubt it's "expectation of inflation". It's the only thing which makes sense. We know it, traders know it, CEOs know it, and the sheeple will get slaughtered.
Ah, here we go. The daily piece of "great news" to justify a 200 point rally.
Jeff Harte of Sandlar O'Neil is twisting like a pretzel logic madman on the Blow Horn [CNBC] about how great things are at Citi as they miss the quarter by a country mile.
I guess credibility is also now a thing of the past here in the new America, and no one seems to be worried about Average Joe EVER COMING BACK TO THE EQUITY MARKET as criminal syndicate Wall Street bankers just say, literally, anything.
What a joke.
If the S&P 500 closes green today I am gonna quit school and spend all my money on hookers and motorcycles. I have had it with this shit. You can't go long the market, you cant go short the fucker and trading fx is for masochists right now!
Get the right bike and you can divert the hooker money to beer and meth!
nope, no drugs for me
Watching sweaty, bald Cramer the Clown rant... does make one say no to meth...
+1 million...I'm in...I say we spend all our money on 8 balls and partition it out to hookers...besides, it will be worth more than gold when the shit hits the fan
I've found that tranny hookers are hilarious. And the Triumph Rocket III will leave what hair is still on your head in the jetstream. Sweet.
I am shocked that Citibank could not CREATE a beat on earnings, revenues are harder to fudge. But Wall Street, lead by the ringmaster clown himself JC. are pounding the stock. The real fact is that no one really knows, or wants to know the true bookvalue of Citibank. It has become beyond insane. The crazy uncle in the basement, but the fact remains with all the help from the Fed, Tres. and FASB accounting how can you MISS.
BTW did anyone else notice that they turn on the HFT buy bots at 8am now? Jeeesuz they dont even wait till 930 anymore
They should have followed JPM's lead and picked better numbers.
Citi should get really bold about lying and pick the BLS to pick their phony numbers...
Wall Street owns Wash DC... why not outsource?
listen proles... the bernank has issued a new diktat: "buy the fucking plunge".
praise be the supreme leader! all hail!
may the bernank ease a thousand years!
A bank run by a snake charmer. This surprises who?
No top line on this junker. What a
friggin surprise.
Lucky they can fake it adding back in
loan loss reserves.