Citigroup, JPMorgan Estimated Q3 Trading Revenues to Decline

Mukesh Buch
14 Sep, 2017
New York City

Citigroup forecasted trading revenue in the third-quarter may slump 15%. JPMorgan estimated trading revenue in the third-quarter may decline 20%. L3 Technologies completed the acquisition of Doss Aviation. United Natural Foods net soared 12%. Value Line net tumbled.

[R]12:05 PM New York – Citigroup forecasted trading revenue in the third-quarter may slump 15%. JPMorgan estimated trading revenue in the third-quarter may decline 20%. L3 Technologies completed the acquisition of Doss Aviation. United Natural Foods net soared 12%. Value Line net tumbled.[/R]

Tollbooth Index fell 16.79 to 12,534.02.

Earnings Review

Citigroup Inc ((C)) increased 21 cents to $69.60 after the yesterday’s conference financial services provider’s chief financial officer John C. Gerspach forecasted bank’s trading revenue in the third-quarter may slump 15% from a year ago period.

JPMorgan Chase & Co ((JPM)) rose 6 cents to $91.21 after the investment banking and financial services provider’s chairman and chief executive officer James L. Dimon said at an industry conference estimated trading revenue in the third-quarter may decline by 20% from a year ago period.

L3 Technologies Inc, formerly L-3 Communications Holdings, Inc ((LLL)) advanced 86 cents to $183.58 after the defense security and detection systems maker said that yesterday it had completed the acquisition of Doss Aviation, Inc without disclosing of financial terms.

Doss Aviation forecasted fiscal year ending in December 2017 revenues of about $50 million.

Oracle Corporation ((ORCL)) gained 17 cents to $52.97 after the cloud and enterprise software provider to report its first-quarter earnings result after the market close.

United Natural Foods, Inc ((UNFI)) surged 9.1% or $3.37 to $40.58 after the specialty products retailer and distributor said revenues in the fourth-quarter ending on July 29 jumped 5.7% from a year ago to $2.3 billion.

Net income in the quarter soared 12.1% to $38.9 million or 76 cents per diluted share from $34.7 million or 69 cents in the same quarter last year.

The specialty retailer forecasted fiscal 2018 earnings per diluted share in the range of $2.67 to $2.77, an increase between 4.3% and 8.2% from the earnings per diluted share of $2.56 in the fiscal 2017.

Value Line, Inc ((VALU)) slumped 2.2% or 37 cents to $16.83 after the investment periodicals provider said revenues in the first-quarter ending in July plunged 46.4% from a year ago to $8.9 million.

Net income in the quarter tumbled 65.6% to $2.2 million or 23 cents per diluted share from $6.4 million or 65 cents in the same quarter last year.