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Citigroup Kicks Off Busy Earnings Week

Ian Wyatt

A very busy earnings week opened with a decidedly mixed report from Citigroup (NYSE: C).

The third of the big banks to report saw an 88% year-over-year drop in third-quarter profits. Nonetheless, the stock is up 4.3% today because of strength in its core business.

The sale of a stake in its brokerage joint venture had a lot to do with Citigroup’s profit decline. Excluding that charge and one related to the value of its debt, the bank recorded earnings of $1.06 per share – ahead of the 96 cents per share analysts were expecting.

Citigroup’s earnings “beat” helped other banks, too. Shares of Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) – all of which report earnings later this week – got a 2% or more bump thanks to Citigroup’s modestly encouraging quarter.

The site of a stock gaining more than four percentage points after reporting an 88% drop-off in earnings was certainly an odd beginning to an earnings week chockfull of blue chippers. Perhaps it’s a sign that an interesting earnings week awaits us.

Here are some of the bigger names set to report this week:

Tuesday

  • Coca-Cola (NYSE: KO)
  • Goldman Sachs (GS)
  • IBM (NYSE: IBM)
  • Intel (NASDAQ: INTC)
  • Johnson & Johnson (NYSE: JNJ)

Wednesday

  • eBay (NASDAQ: EBAY)
  • American Express (NYSE: AXP)
  • Bank of America (BAC)

Thursday

  • Google (NASDAQ: GOOG)
  • Microsoft (NASDAQ: MSFT)
  • Morgan Stanley (MS)
  • Philip Morris (NYSE: PM)
  • Verizon (NYSE: VZ)

Friday

  • General Electric (NYSE: GE)
  • McDonald’s (NYSE: MCD)

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