News Stocks 

Apple’s stock gains after Citigroup boosts price target by 20%, saying this ‘Christmas is different’

“Suva raised his stock price target to $300 from $250, and he expects fiscal first-quarter EPS of $4.58 and sales of $89.5 billion” writes Reporter Editor for marketwatch.com. AAPL, +0.69% gained 0.7% in premarket trading Thursday, after Citigroup analyst Jim Suva “materially” increased is earnings estimates and boosted by price target by 20%, saying he believed “this Christmas is different” for the technology giant.That compares with the FactSet consensus for EPS of $4.51 and sales of $87.9 billion, while the average price target of the 43 analysts surveyed by FactSet…

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News Stocks 

Netflix’s stock takes a hit after Citigroup lowers rating, slashed price target

“He rates Netflix neutral with a $325 stock price target, down from a previous Citigroup rating of buy and price target of $410” writes Reporter Editor for marketwatch.com. NFLX, -1.38% sank 2.3% in premarket trading Tuesday, after Citigroup changed the analyst covering the streaming video company, who subsequently lowered the rating and slashed the price target.”Our numbers suggest that if content costs rise, Netflix equity could fall 15%.If net add forecasts come down, Netflix equity could fall 5%.”.  Source: marketwatch.com

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News 

Alibaba hires more banks on up to $15 billion listing – sources

“The online Chinese retail giant has appointed Citigroup, JP Morgan and Morgan Stanley to work on the deal, as was first reported on Saturday by Bloomberg” writes Midwest Communications Inc for 95kqds.com. The deal is being led by China International Capital Corporation (CICC) and Credit Suisse, with the company due to face a Hong Kong Stock Exchange listing committee hearing this coming Thursday, Nov. 14. Source: 95kqds.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 

Bank of America, Citigroup stocks rally after J.P. Morgan boosts bank price targets

“Financial stocks rose in premarket trading Monday, after J.P. Morgan analyst Vivek Juneja raised his price targets on a number of large-capitalization banks, as he removed his previous assumption that the Federal Reserve would cut interest rates in December” writes Reporter Editor for marketwatch.com. BAC, +1.69% rose 1.3%, after Juneja raised his price target to $33.50 from $33.00; Citigroup Inc.’s stock C, +3.49% tacked on 1.4%, as the price target goes up to $84.50 from $77.50; Wells Fargo & Co. shares WFC, +1.07% gained 0.9%, after Juneja raised his target…

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News 

Citigroup plans to set up wholly-owned securities business in China: sources

“Citi’s plans to set up a wholly-owned securities business in China are in the early stages, said the sources, who declined to be identified due to the sensitivity of the matter” writes Midwest Communications Inc for 95kqds.com. Citi, which has a large retail and corporate banking presence in China, will become one of the first foreign banks to set up a wholly-owned securities business in China, if the plans are finalised.The China Securities Regulatory Commission will start taking in applications in the second quarter of 2020, and plans to give…

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News Regulators 

Jerome Powell held calls with the CEOs of JPMorgan and Citigroup the day after the Fed cut rates for the first time since 2008

“Federal Reserve Chairman Jerome Powell held phone calls with top Wall Street executives at the start of August, a day after the central bank cut interest rates for the first time since the global financial crisis” writes Finanzen Net Gmbh for businessinsider.com. Dimon, Corbat, and Moynihan separately spoke with Trump after a key recession signal flashed in mid-August for the first time since before the financial crisis . Source: businessinsider.com

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News Stocks 

How Jim Cramer Knew When to Buy Citigroup and Goldman Sachs Stock

“So, the expert boosted his charitable trust’s positions in both firms in August even as bank stocks were tanking amid fears of a U.S. yield-curve inversion a possible recession” writes Jerry Kronenberg for thestreet.com. For instance, his charitable trust recently bought some additional Citi and Goldman shares when bank stocks were tanking, as Cramer decided in advance to buy both if the stocks’ prices fell below tangible book value. Source: thestreet.com

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Citigroup doubles down on credit cards even as U.S. economy softens

“In addition, 83% of consumers in its American credit card business, excluding its retail partnership cards, have credit scores of 680, which is considered a good score, according to credit rating firm Experian” writes Midwest Communications Inc for 95kqds.com. Credit card customers who use balance transfers are considered higher risk because they often use the easy financing to accumulate more debt, according to bank analysts and credit underwriters.The card business now accounts for nearly one-third of Citigroup’s overall revenue and is one of the biggest potential drivers of future earnings…

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GBP News 

Britain’s banks face 25% earnings hit from no-deal Brexit: Citigroup

“LONDON (Reuters) – Britain’s banks face a hit of up 25% to their earnings if Britain crashes out of the European Union without a deal, analysts at Citigroup The economic slowdown that would result from a no-deal Brexit, as well as the likelihood of lower interest rates and borrowers defaulting on loans, would hit earnings per share by between 15 to 25%, the analysts at Citi wrote in the note published on Thursday” writes Midwest Communications Inc for 95kqds.com. The research is one of the most concrete assessments yet of…

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