Best Buy Plunges 28%, Weak Results from Citi and Goldman

Mukesh Buch
16 Jan, 2014
New York City

BlackRock net surged 24% and revenue jumped 9%. BB&T net advanced 6%. Best Buy holiday sales dropped. Citigroup fourth-quarter net plunged 17%. Goldman Sachs net climbed 6%. UnitedHealth net surged 15% on revenue increase of 8%.

[R]11:40 AM New York – BlackRock net surged 24% and revenue jumped 9%. BB&T net advanced 6%. Best Buy holiday sales dropped. Citigroup fourth-quarter net plunged 17%. Goldman Sachs net climbed 6%. UnitedHealth net surged 15% on revenue increase of 8%.[/R]

BlackRock, Inc ((BLK)) gained $2.80 to $315.55 after the investment manager said revenue in the fourth-quarter ending in December jumped 9% to $2.78 billion.

Net income in the quarter surged 24% to $841 million or $4.86 a diluted share compared to $690 million or $3.93.

BB&T Corporation ((BBT)) fell 1.4% or 55 cents to $38.23 after the financial service provider reported net sales in the fourth-quarter ending in December slipped 6% to $2.38 billion.

Net income in the quarter advanced 6.1% to $537 million or 75 cents a diluted share compared to $506 million or 71 cents.

Best Buy Co., Inc ((BBY)) tumbled 27.5% or $10.34 to $27.23 after the consumer electronics retailer said total revenue in the nine-week period ending on January 4 dropped 2.6% to $11.45 billion from $11.75 billion.

Comparable store sales in the United States for the period fell 0.9% and rose 0.1% internationally.

Domestic revenue declined 1.5% to $9.75 billion and online revenue reached $1.32 billion and comparable online sales increased 23.5%. International revenue plunged 8% to $1.70 billion.

Best Buy estimated non-GAAP operating margin in the fourth quarter ending on February 1 between 175 and 185 basis points lower than a year earlier.

Citigroup Inc. ((C)) declined 4.1% or $2.24 to $52.75 after the financial service provider stated total revenues in the fourth-quarter ending in December slid 1% to $17.8 billion.

Net income in the quarter plunged 17% to $2.69 billion or 85 cents a diluted share compared to $1.20 billion or 38 cents.

The Goldman Sachs Group, Inc ((GS)) dropped 2.1% or $3.79 to $174.92 after financial broker and investment banker said net revenues in the fourth-quarter ending in December were flat at $34.2 billion.

Net income in the quarter climbed 6% to $7.73 billion or $15.46 a diluted share compared to $7.29 billion or $14.13.

UnitedHealth Group Incorporated ((UNH)) fell 3.3% or $2.47 to $72.38 after the healthcare company reported total revenues in the fourth-quarter ending in December climbed 7.9% to $31.1 billion.

Net income in the quarter surged 15% to $1.43 billion or $1.41 a diluted share compared to $1.24 billion or $1.20.