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:
- Coca-Cola (NYSE: KO)
- Goldman Sachs (GS)
- IBM (NYSE: IBM)
- Intel (NASDAQ: INTC)
- Johnson & Johnson (NYSE: JNJ)
- eBay (NASDAQ: EBAY)
- American Express (NYSE: AXP)
- Bank of America (BAC)
- Google (NASDAQ: GOOG)
- Microsoft (NASDAQ: MSFT)
- Morgan Stanley (MS)
- Philip Morris (NYSE: PM)
- Verizon (NYSE: VZ)
- General Electric (NYSE: GE)
- McDonald’s (NYSE: MCD)