CITIGROUP EPS BEATS ESTIMATES; STOCK FALLS
Citigroup’s stock is currently trading at 71.66-lower by 0.16% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.67%. The stock has erased all of its earlier gains and turned into negative territory after the opening bell.
The company reported its second-quarter earnings before the market opens on Monday. Citigroup generated an EPS of $1.83 for the second quarter. The EPS was above the market expectation of $1.81. The company brought in $18.76 billion in revenue for the second quarter. The revenue was above the consensus estimates of $18.51 billion.
The Wall Street bank’s second-quarter results topped market expectations due to gains from the IPO of electronic bond trading platform Tradeweb. Citigroup’s revenue gain was more muted on fall in trading and investment banking revenue and losses on loan hedges.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 65.97% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 71.80 TAKE PROFIT AT 71.40 STOP LOSS AT 72.00