Citigroup beats estimates
The bank's quarterly earnings of $2.2 billion top Wall Street expectations, though revenue falls just short.
By Laurie Kulikowski, TheStreet
On a continuing operations basis, earnings were 8 cents a share, and revenue came in at $20.7 billion. Analysts, on average, expected earnings of 6 cents a share on revenue of $21 billion.
Citicorp's net income was $3.5 billion and revenue was $16.3 billion, while Citi Holdings reported a net loss of $1.1 billion on $3.9 billion in revenue.
Citi shares were rising 3.5% Monday morning to $4.09.
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[BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -8.50. Equity futures moved up in reaction to the latest durable orders data. However, the S&P 500 futures continue to trade lower by 0.3%.
April durable goods orders increased by 3.3%, which was better than the 1.6% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect a decrease of 5.9%.
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Investors expect the report to show some weakness, and are cautious ahead of the long holiday weekend.