Citi’s profit rises 30%, beating estimates
Citigroup reports first-quarter net income rose 30% and beat Wall Street expectations on improved revenue in its capital markets unit .
Citigroup profit spikes 30%
Citigroup finally got it right, passing the quarterly test put forth by Wall Street analysts.
Why Are Wall Street’s Billionaire Sharks Circling Dell?
Two of the most prominent figures on Wall Street — Carl Icahn, the famed corporate raider turned “activist investor,” and Stephen Schwarzman, the billionaire behind private equity behemoth Blackstone Group – have expressed interest in buying PC pioneer Dell. This development sets up a challenge to company founder Michael Dell, who has been planning to take the company private in a $24 billion leveraged buyout. But why are all these billionaires fighting over a struggling PC maker that largely missed the mobile revolution and, more generally, has been unable to innovate fast enough to keep pace with the rest of the technology industry? For Wall Street predators like Icahn and Schwarzman, Dell is an attractively vulnerable target, like a wounded dolphin to a Great White shark. Dell is struggling due to a decline in the PC market as users adopt smartphones and tablets. Overall PC shipments fell 3.2% last year, with sales decreasing by 21%, according to data from research ...
U.S. Stocks Fall on Cyprus Bailout
(NEW YORK) — Stocks fell for a second day on Wall Street on concern that a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again. The Dow Jones industrial average was down 39 points, or 0.3 percent, to 14,472 as of 11 a.m. EDT. The Dow fell as much as 110 points in the early going, before recouping some of its loss. The Standard & Poor’s 500 index fell eight points, or 0.5 percent, to 1,552. The Nasdaq composite dropped 17 points, or 0.5 percent, to 3,232. Cyprus is proposing a hefty levy on bank deposits as a condition for a national bailout. The proposal roiled international markets and the measures are stoking fears of bank runs in the other 16 nations that use the euro. Concerns persist about the euro-region’s lingering debt crisis, despite a strong rally in stocks since the start of the year that pushed the Dow to record highs. The index fell 1.6 percent Feb. 25, its biggest wobble this year, after elections in ...
Market Extra: J.C. Penney loses more supporters
J.C. Penney’s pool of support on Wall Street shrinks as Citigroup and Oppenheimer lower their recommendations on the struggling retailer.