Citi's Tepid Quarter Wallops Shares (C)

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Includes: C, LM
by: Daniel Andres Jacome

Quick, someone get us a prozac. We just finished re-listening to the Citi conference call from this morning.

Citi shares are getting hammered today after Citi reported a "challenging interest rate environment" and "competitive pricing" on the international front.

Net income was up from the year ago, but it mostly stemmed from a $2B gain from the sale of an asset management arm to Legg Mason (NYSE:LM).

We should've dumped Citi after Wells Fargo (NYSE:WFC) dropped the ball earlier this week -- the inverted yield curve is eating into these bank's profits like a termite on steroids.

We're neutral on Citigroup (NYSE:C). The stock left us crying in our beer, as did General Electric (NYSE:GE), which also reported today.

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