News Stocks 

Citi upgrades struggling WWE, says upside from here ‘looks attractive’

“The upside case for World Wrestling Entertainment’s stock far outweighs the downside, according to Citi” writes Maggie Fitzgerald for cnbc.com. The firm upgraded the struggling stock to buy from neutral, saying the risk-reward “looks attractive” and “compelling.”. Citi calculates WWE only has 15% more to fall in a downside scenario, while the shares have 45% upside. Source: cnbc.com

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Markets News 

Citi is targeting big markets like Seattle and Dallas as battlegrounds to snatch deposits from rivals like JPMorgan Chase and Bank of America

“By the end of October, Citi had added $4.7 billion in digital deposits for 2019, including $2 billion in the third quarter alone” writes Alex Morrell for businessinsider.com. Citi reaped just $1.1 billion in digital deposits in all of 2018.Bank of America, Chase, and Wells, by comparison, each have a more than 10% share with more than $1.3 trillion in US deposits.Citi’s US consumer banking business has for years lagged behind its peers, especially in the crucial game of winning deposits from customers.But the strategy remains digital-first and the quest…

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News Stocks 

Adobe stock falls after Citi downgrade

“ADBE, -3.26% are off 3.6% in Wednesday trading after Citi Research analyst Walter Pritchard cut his rating on the stock to neutral from buy” writes Emily Bary for marketwatch.com. His analysis also indicates that excluding price increases, Adobe saw flat annual-recurring-revenue trends in its Creative Cloud business over the past two years. The stock is down 12% over the past three months, as the S&P 500 SPX, +0.04% has shed 0.5%.”We are downgrading Adobe from buy to neutral based on concerns about the ability to continue the financial momentum it…

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News Platforms 

Morning Brief 10.3.19: Tencent, Citi highlight $585 million Indian B2B e-commerce investment

“The company has appointed Ted Bilke to be chief technology officer and promoted Gred Adelson to chief operating officer” writes John Adams Is for paymentssource.com. Forbis’ career at Jack Henry dates to the 1980s, and was named chief technology officer in 2006.How far will consumers go to get a metal payment card?. Western Union Expands Real-Time Cross-Border Payment Service Western Union Co. has made available its real-time cross-border platform.Payment and financial services technology company Jack Henry will reorganize its executive team as Mark Forbis, executive vice president and chief technology…

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News Stocks 

Match Group and IAC stocks are both buys, says Citi

“MTCH, +2.24% and IAC shares both buys while slapping a neutral rating on ANGI Homeservices Inc.’s stock ANGI, -0.75%” writes Emily Bary for marketwatch.com. He also sees strong international opportunity for Match but is worried about the risk of an economic downturn and the threat of Alphabet Inc.’s GOOGL, -0.68% GOOG, -0.67% Google when it comes to ANGI. IAC’s stock is flat over the past three months, while Match’s has risen 5.6% and ANGI’s has slid 46%. Source: marketwatch.com

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News 

UBS reshuffles C-suite with Credit Suisse star Khan, Citi vet Harford

“ZURICH (Reuters) – The world’s largest wealth manager UBS on Thursday appointed former Credit Suisse manager Iqbal Khan and Citigroup veteran Suni Harford as new wealth and asset management executives” writes Midwest Communications Inc for 95kqds.com. Khan, Credit Suisse’s former head of International Wealth Management who is seen as a rising star with potential for one of the big banks’ top jobs, will replace former Commerzbank head Martin Blessing as UBS wealth management co-head alongside the US-based Tom Naratil.”They are great additions to the team and will help us drive…

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News 

Burger King’s China franchisee hires Citi for stake sale: sources

“TFI’s China business is also part-owned by private equity firm Cartesian Capital Group and Restaurant Brands International , the owner of Burger King itself” writes Midwest Communications Inc for 95kqds.com. TFI began investing in China in 2012 and now has a network of more than 1,000 Burger King restaurants in more than 150 Chinese cities, according to its website. They own 50%, 22.5% and 27.5% of the China business respectively, according to the IPO prospectus TFI filed with the U.S. Securities and Exchange Commission last year. Source: 95kqds.com

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Markets News 

JPMorgan and Citigroup just closed bond desks for smaller trades in favor of algorithms. It’s another sign that robots are taking over.

“Some of Wall Streets’ biggest corporate bond dealers are replacing humans with algorithms for a portion of their trades, another sign that the robot revolution is in full swing” writes Dakin Campbell for businessinsider.com. That means the handling of the odd-lot bonds will be managed by algorithms instead of humans.The path to the change was paved in September 2018, when Citi reorganized the corporate bond trading team to bring institutional trading teams and the retail trading teams under one leadership.Citigroup and JPMorgan both recently disbanded teams dedicated solely to trading…

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News 

Citi Preps For Corporate Banking Uptick

“While business with its corporate clients slowed down at the start of the year, Citigroup said it is preparing for its corporate banking operations to pick up as the year moves forward” reports pymnts.com. According to Mason, there is a “disconnect” between economic data and concerns about an economic downturn, and the strong performance of the bank’s corporate customers across the globe. Last month Citi announced a partnership with corporate treasury and cash management solution provider Kyriba, which will connect its business customers to faster payment capabilities provided by Citi.While…

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Markets News 

Citi is expecting trading to fall in the ‘high single-digits’ in the first quarter

“Underwriting revenues have been sluggish across Wall Street as well, but in investment banking Mason said he was expecting gains” writes Alex Morrell for businessinsider.com. Like most banks, Citi in January reported a hefty decline in fourth-quarter trading revenues, which fell 11% to $3.1 billion amid a December market rout. Investment banking revenues were down slightly in the quarter to $1.3 billion, as a 47% jump in advisory fees was offset by a chill in underwriting.At a conference Tuesday, Mason said he anticipated the bank’s fixed income and equities trading…

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