Citigroup Now the Day's Worst Performer

Date : 07/13/2018 @ 11:46AM
Source : Dow Jones News
Stock : Wells Fargo & Company (WFC)
Quote : 56.56  0.0 (0.00%) @ 8:37AM

Citigroup Now the Day's Worst Performer

Citigroup, Inc. (NYSE:C)
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1 Month : From Jun 2018 to Jul 2018

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By Ben Eisen

 

Citigroup's (C) stock is now down 2.2% on the day, making it the worst performer among the biggest six banks so far today.

Wells Fargo (WFC), the early underperformer, is now down 1.1%. Citigroup topped analyst forecasts while Wells Fargo didn't, but analysts point out that the outlook for the bank is murkier going forward.

"Results were above their expectations but it was largely a provision and tax rate beat," said Brian Kleinhanzl of Keefe, Bruyette & Woods, in a note to clients.

He added: "The focus going into the quarter was NA card revenue yields and that missed our expectations and we believe that we were below consensus in the quarter as well. Overall, we expect [Citigroup] to be a relative underperformer as concerns still linger about long-term revenue growth in the company's cards business. In addition, loan growth missed estimates and that is opposite of what we have seen at peers that have reported today."

JPMorgan is now up 0.8%. Both Goldman and Morgan Stanley are now higher. Bank of America is down 0.4%.

 

Write to Ben Eisen at ben.eisen@wsj.com

 

(END) Dow Jones Newswires

July 13, 2018 11:31 ET (15:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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