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Citigroup Inc.

5/18/2013, 2:05 PM ET

Quote & Headlines Market Currents StockTalk

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Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 3 Comments [Quick Ideas]
Friday, May 17, 2:59 PM Wells Fargo (WFC) and Citigroup (C) have halted the vast majority of foreclosure sales in numerous states following the release of new standards from the OCC, reports the American Banker. Harkening back to the days of the robo-signing scandal, Wells' foreclosure sales across 5 westerns states dropped to fewer than 10 per day in April from more than 300 previously. JPMorgan (JPM) also slowed sales, but has returned to normal activity. BofA (BAC) is proceeding as usual. 1 Comment [Financials, U.S. Economy]
Thursday, May 16, 3:55 PM Described as a win for Wall Street's biggest swaps dealers - JPM, BAC, C, MS, and GS - the CFTC approves new swap trading rules 3 years after the passage of Dodd-Frank. The rules mandate new trading platforms making bids and offers public, but require traders send request for bids to just two firms before execution rather than the five some had called for. Smaller exchanges aren't sweating it, instead happy they now have a defined system to operate under. 1 Comment [Financials]
Thursday, May 16, 7:27 AM Citigroup (C) joins AIG in the hedge fund hotel (Apple was kicked out in late 2012/early 2013), with this week's 13F filings showing a number of well-known funds adding or initiating positions in Q1 (though Tepper's Appaloosa pared his). The stock's up 40% since Michael Corbat took the reins from Vikram Pandit and hit another 52-week high yesterday. 3 Comments [Financials]
Wednesday, May 15, 7:21 AM Citigroup (C) agrees to sell its Brazilian credit card and consumer finance business to Itau Unibanco (ITUB) for $1.37B, subject to regulatory approval. The transaction is expected to generate an after-tax gain-on-sale of about $300M ($0.10/share). Comment! [Financials]
Tuesday, May 14, 8:22 AM More Tepper: Turning to individual ideas, he says Citigroup (C) has become one of his biggest positions. On Apple (AAPL): If the company doesn't have something "revolutionary" coming, it better do something "evolutionary" - bigger screen, cheap iPhone. If we don't see anything by September, then it's "Houston we got a problem," and Tepper hopes he's quicker on the sell button than everybody else. 7 Comments [Quick Ideas]
Thursday, May 9, 3:18 PM U.K. mobile banking specialist Monitise PLC (MONIF.PK +9.1%) pops as Lee Cooperman - presenting at SALT in Las Vegas - calls it his top conviction pick: "no financial risk .. no debt ... the blessing of Visa." He owns more than 10% of the company. Other top picks: ESRX, QCOM, C, AIG, MET, and RIG. 3 Comments [Quick Ideas]
Thursday, May 9, 6:11 AM Citigroup (C) gains on Deutsche Bank (DB) in the race for currency trading supremacy. C (which came in second in a Euromoney Institutional Investor poll), cut DB's market share lead to just 0.28%, which is about as tight as the race for the top spot has ever been. C's ascent is partially attributable to its strong showing in emerging-market foreign exchange, where it leads DB by more than 2 percentage points. Comment! [Financials]
Tuesday, May 7, 11:48 AM Citigroup (C) sues Barclays (BCS) to recover nearly $142M related to foreign exchange trading amidst the Lehman bankruptcy. Citi claims Barclays promised to indemnify Citi against any losses from settling trades for Lehman between Sept. 17-19, 2008. Citi says it lost $580M during this period, but has reduced the amount (plus legal fees) to $141.8M. Comment! [Financials]
Monday, May 6, 9:09 AM Bacon Bradesco (BBD) drops out of the bidding for Citigroup's (C) Brazilian consumer finance unit, according to a local newspaper, after getting no reply on its $1.49B offer. With Banco Santander (SAN) not yet indicating any interest, it could leave just Itau Unibanco (ITUB) as the lone potential buyer. 2 Comments [Financials]
Tuesday, April 30, 9:52 AM More on Case-Shiller: Home prices increased 9.3% Y/Y for the 20-city composite, the fastest gain in 7 years. Phoenix (+23%), San Francisco, Las Vegas, and Atlanta saw the biggest increases, while NYC, Boston, and Chicago had the smallest. Nationally, prices are back at autumn 2003 levels and about 30% below their summer 2006 peaks. Maybe more levered than any other large bank to home price recovery, Citigroup (C) is flat. (full report) 2 Comments [U.S. Economy]
Monday, April 29, 10:26 AM Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC. 3 Comments [Financials]
Thursday, April 25, 7:25 PM Citigroup Inc. (C) declares $0.01/share quarterly dividend, in line with previous. Forward yield 0.08%. For shareholders of record May 06. Payable May 24. Ex-div date May 02. (PR) Comment! [Dividends]
Thursday, April 25, 4:56 PM As tipped following the release of the Fed's stress tests, Citigroup's (C) board approves a $1.2B stock repurchase program through 2014 Q1. That's roughly 25M shares vs. a 3B share float. The announcement was made in conjunction with the declaration of the $0.01 quarterly dividend. (PR) 1 Comment [Financials]
Thursday, April 25, 9:40 AM Caterpillar (CAT +0.9% at $84.56) has agreed to buy back $1B of its shares from Citibank (C) as part of an accelerated stock-repurchase program. Caterpillar will immediately acquire 11M shares based on market prices and expects to complete the program in June. (PR) 3 Comments [Financials]
Thursday, April 25, 9:06 AM Citigroup (C) continues its exit from non-core markets, nearing a deal to sell its Uruguay retail operations to Brazil's Itau Unibanco (ITUB), according to a Uruguay newspaper. A purchase would turn Itau into Uruguay's 2nd largest bank after Santander. Comment! [Financials]

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