Citigroup, Goldman Sachs Net Jump; United Continental Net Plunges

Mukesh Buch
18 Jan, 2017
New York City

Citigroup net jumped 7% but revenues declined. CSX net fell 2%. Charles Schwab net and revenues surged. Eli Lilly agreed to acquire CoLucid Pharma for $960 million. Fastenal net rose 3%. Goldman Sachs net jumped four-fold. U.S. Bancorp net was nearly flat. United Continental net tumbled 52%.

[R]3:40 PM New York – Citigroup net jumped 7% but revenues declined. CSX net fell 2%. Charles Schwab net and revenues surged. Eli Lilly agreed to acquire CoLucid Pharma for $960 million. Fastenal net rose 3%. Goldman Sachs net jumped four-fold. U.S. Bancorp net was nearly flat. United Continental net tumbled 52%.[/R]

Tollbooth Index decreased 20.99 or 0.2% to 11,341.29.

Earnings Review

Citigroup Inc ((C)) fell 33 cents to $58.05 after the banking and financial services provider reported revenues in the fourth-quarter ending in December declined 9% from a year ago to $17 billion.

Net income in the quarter jumped 7% to $3.6 billion or $1.14 per diluted share compared to the $3.3 billion or $1.02 per share in the same quarter last year.

Total deposit increased 2% to $929 billion and total loans increased 1% to $624 billion and allowance for loan losses was $12.1 billion or 1.94% of total loans.

Citigroup''s revenue from fixed-income trading soared 36% while equity trading revenue jumped 15% and securities services revenue surged 24%.

The bank said in the quarter it returned $4.7 billion to shareholders and $10.7 billion in the full-year and repurchased 79 million shares in the quarter and 196 million in the year.

CSX Corporation ((CSX)) slumped 2.4% or 90 cents to $37.19 after the rail road operator said revenues in the fourth-quarter ending in December jumped 9% from a year ago to $3.04 billion.

Net income in the quarter fell 2% to $458 million or 49 cents per diluted share compared to the $466 million or 48 cents per share in the same quarter last year.

Charles Schwab Corp ((SCHW)) slid 29 cents to $40.03 after the financial advisory and brokerage services provider reported revenues in the fourth-quarter ending in December soared 17% from a year ago to $1.97 billion.

Net income in the quarter surged 25% to $522 million or 36 cents per diluted share compared to the $416 million or 28 cents per share in the same quarter last year.

Eli Lilly and Co ((LLY)) gained 35 cents to $77.18 after the health products maker agreed to acquire acute migraines treatments developer CoLucid Pharmaceuticals Inc for $46.50 per share or about $960 million to access its experimental treatment of migraine.

The transaction is expected to close by the end of this quarter.

CoLucid Pharmaceuticals Inc stock surged 32.5% to $46.25.

Fastenal Company ((FAST)) jumped 4.7% or $2.25 to $50.51 after the industrial equipment supplier stated revenues in the fourth-quarter ending in December grew 2.7% from a year ago to $947.9 million.

Net income in the quarter rose 2.6% to $114.8 million or 40 cents per diluted share compared to the $111.9 million or 39 cents per share in the same quarter last year.

Goldman Sachs Group Inc ((GS)) edged up 2 cent to $235.76 after the investment and banking services provider reported revenues in the fourth-quarter ending in December soared 12.4% from a year ago to $8.2 billion.

Net income in the quarter jumped four-fold to $2.2 billion or $5.08 per diluted share compared to the $574 million or $1.27 per share in the same quarter last year.

Hewlett Packard Enterprise Co ((HPE)) gained 1.1% or 24 cents to $22.93 after the technology systems maker agreed to acquire cloud-based data-storage startup SimpliVity Corp for $650 million in cash.

U.S. Bancorp ((USB)) added 7 cents to $50.38 after the financial services provider said revenues in the fourth-quarter ending in December jumped 4.3% from a year ago to $5.4 billion.

Net income in the quarter was neatly flat at $1.48 billion compared to a year ago period and diluted earnings per share increased to 82 cents from 80 cents in the same quarter last year.

United Continental Holdings Inc ((UAL)) fell 18 cents to $73.55 after the airline services provider reported revenues in the fourth-quarter ending in December edged up 0.2% from a year ago to $9.1 billion.

Net income in the quarter tumbled 51.8% to $397 million or $1.26 per diluted share compared to the $823 million or $2.24 per share in the same quarter last year.