Citigroup Stock Tanked, Oil Dropped, and More

Markets did not respond well to Citigroup’s (C) quarterly earnings report. The stock lost 5.1% after posting revenue growth and earnings beating estimates.Citi posted Q3 GAAP EPS of $1.51. Revenue grew by 0.9% Y/Y to $20.32 billion. Investors did not like Citi’s cost of credit growth. It increased by $2.7 billion in Q3, compared to $1.8 billion last year. Higher net credit losses and a rise in allowance for credit losses (“ACL”) worried markets.Citi trades at a modest premium compared to the sector. Its P/E is 11.5 times, compared to the sector median of 12.3 times. Value investors may…

Chatham-Kent mayor stands behind community hub project

Criticism has swirled around a proposed community hub for downtown Chatham with claims of huge cost overruns that will send taxes soaring. The project comes up for discussion at Monday’s Chatham-Kent council meeting and Mayor Darrin Canniff said he wants to address misinformation he’s been hearing in the community. Council will have to decide whether […]