Citigroup will report earnings before the bell tomorrow
Citigroup Inc (NYSE:C) is one of several big bank names reporting earnings before the bell tomorrow. Analysts in coverage expect earnings of $1.23 per share, which is below the $1.63 per share the company posted in the same quarter last year, and revenue of $19.3 billion.
Citigroup stock has a strong post-earnings history, closing lower the next day in just two of its last next-day sessions — including a 4% drop this past July. Over the last two years, the stock has averaged a 3.5% move the following day, regardless of direction. This time around, the options pits are pricing in a slightly larger swing of 5%.
C is trading flat ahead of the event, up 0.2% at $41.62 at last glance, and hanging out below familiar pressure at the $42 level. Since the start of the year, the equity is down 7.9%.
Should the bank announce a strong report, there could be chance of a bull note or two from analysts. Of the 19 analysts in coverage, 13 carry a “hold” or worse rating on C.
