c will beat, ge will miss market will be sideways till 2 digesting the news, and then rocket downwards
Citigroup Q1 loss 18c-share; adjusted profit totaled $1.6B C the New York financial-services giant, reported a first-quarter loss available to common-share holders of 18 cents a share. The loss "reflected the reset in January 2009 of the conversion price of the $12.5 billion convertible preferred-stock issued in a private offering in January 2008," Citi reported. The reset cut profit available to common-share holders by 24 cents a share. Analysts polled by Thomson Reuters had expected the bank to post a loss of 32 cents a share for the first quarter. Net income for the quarter was $1.6 billion. Revenue nearly doubled to $24.8 billion. "Credit costs of $10.3 billion, up 76%, consisted of $7.3 billion in net credit losses, a $2.7 billion net loan loss reserve build, and $332 million of policyholder benefits and claims," Citi said in a statement. The net interest margin widened half a percentage point from a year earlier, to 3.30%. Citi said it pared 13,000 jobs since the fourth quarter, leaving it with 309,000 workers.