Citigroup reported its earnings (or lack thereof) today posting a $2.5 billion second-quarter loss.
However the loss was smaller than expected and Citi is up over 10% today on the news
The nation’s biggest banking company by assets lost the equivalent of 54 cents per share in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share.
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3 responses so far ↓
1 Damir // Jul 18, 2008 at 12:36 pm
THe loss must be due to the “burst” of the Housing bubble
2 Yaron // Jul 18, 2008 at 1:27 pm
Wall St trades on rumors not on news (or on rumors and than on the news)
If the expectations were for $3 Billion loss, than 2.5 is good news when speaking from a trading perspective.
3 Steve M // Jul 18, 2008 at 3:13 pm
“Negative earnings.”
“Retrograde income.”
“Inverse cash flow.”
Still a huge, troubling loss…no matter what they call it.
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