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A New York Minute: Citi, Goldman Mixed in Q1; Empire State Up
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Monday, April 15, 2019
More Wall Street banks reported earnings this morning, following Friday morning’s kick-off with JPMorgan (JPM - Free Report) and Wells Fargo (WFC - Free Report) : Citigroup (C - Free Report) and Goldman Sachs (GS - Free Report) , both Zacks Rank #4 (Sell)-rated companies ahead of their earnings releases, put up mixed numbers.
Citigroup topped earnings estimates — $1.87 per share versus the $1.78 in the Zacks consensus. Yet revenues of $18.576 billion were down 1% from expectations. Expenses in Q1 came down 3% year over year, while Fixed Income was up in the quarter. Credit costs also rose 7%, however.
Shares of Citigroup had been performing very well — up nearly 30% year to date. Shares are up marginally in today’s pre-market. For more on C’s earnings, click here.
Goldman Sachs also outperformed expectations on its bottom line: $5.71 per share as compared with $4.74, while revenues of $8.81 billion missed the Zacks consensus by 1.77%. Goldman shares are also up nicely year to date, more than 24%, but shares are trading down 2% in today’s early session. For more on GS’ earnings, click here.
After today’s close, we will see more finance companies announce earnings results, including WTFC">Wintrust (WTFCand Pinnacle (PNFP - Free Report) . Both companies currently carry a Zacks Rank #3 (Hold).
A new Empire State Index for April has also hit the tape this morning, reporting up 10.1 following a March read of 3.7 that was the lowest in nearly two years. This index, which measures general business conditions in New York State, had been sub-10 for the prior three months until just squeaking over it for April.
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
A New York Minute: Citi, Goldman Mixed in Q1; Empire State Up
Monday, April 15, 2019
More Wall Street banks reported earnings this morning, following Friday morning’s kick-off with JPMorgan (JPM - Free Report) and Wells Fargo (WFC - Free Report) : Citigroup (C - Free Report) and Goldman Sachs (GS - Free Report) , both Zacks Rank #4 (Sell)-rated companies ahead of their earnings releases, put up mixed numbers.
Citigroup topped earnings estimates — $1.87 per share versus the $1.78 in the Zacks consensus. Yet revenues of $18.576 billion were down 1% from expectations. Expenses in Q1 came down 3% year over year, while Fixed Income was up in the quarter. Credit costs also rose 7%, however.
Shares of Citigroup had been performing very well — up nearly 30% year to date. Shares are up marginally in today’s pre-market. For more on C’s earnings, click here.
Goldman Sachs also outperformed expectations on its bottom line: $5.71 per share as compared with $4.74, while revenues of $8.81 billion missed the Zacks consensus by 1.77%. Goldman shares are also up nicely year to date, more than 24%, but shares are trading down 2% in today’s early session. For more on GS’ earnings, click here.
After today’s close, we will see more finance companies announce earnings results, including WTFC">Wintrust (WTFC and Pinnacle (PNFP - Free Report) . Both companies currently carry a Zacks Rank #3 (Hold).
A new Empire State Index for April has also hit the tape this morning, reporting up 10.1 following a March read of 3.7 that was the lowest in nearly two years. This index, which measures general business conditions in New York State, had been sub-10 for the prior three months until just squeaking over it for April.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>