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.
THe loss must be due to the “burst” of the Housing bubble
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.
“Negative earnings.”
“Retrograde income.”
“Inverse cash flow.”
Still a huge, troubling loss…no matter what they call it.