Citigroup Buoys Market

Monday, April 19, 2010

Asia saw a wave of selling overnight with Tokyo dropping 1.7% after New York's 125-point drop on Friday. China was decimated last night with the Shanghai Composite falling 4.8% as the government continues tightening lending to stave off bubble levels. A positive earnings report out of Citigroup (C) this morning buoyed the Street as Q1 EPS came in at $0.15 versus estimates of zero. Top-line exceeded expectations as well with revenues of $25.4 billion versus $21 billion expected. This marks C's first profit in 8 quarters.

Goldman's overhang on the financial sector will probably take a while to lift but strong earnings reports will go a long way in helping the market ignore GS. Notables this week include IBM (tonight), KO (Tues AM), GS (Tues AM), JNJ (Tues AM), AAPL (Tues PM), MCD (Wed AM), QCOM (Wed PM), SNDK (Wed PM), SBUX (Wed PM), F (Thurs AM), MSFT (Thurs PM).
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