Citigroup posts $1.6 billion profit; stocks looking good in pre-market trading. Are we turning a corner?The Economy: Citigroup, GE Profits | Today 10:15 am Citigroup stockholders are breathing a sigh of relief today. The beleaguered bank this morning announced it made a first-quarter net income of $1.6 billion – the first time it has turned a profit in 1.5 years. That number may not seem like much, but compared to the $5.11 billion loss it reported this time last year, it’s great. Citi’s revenue was $24.8 billion – up a whopping 99 percent. Shares rose 50 cents, or 12.5 percent, to $4.51 in trading before the market opened – a superb sign for a company that has had a pretty dismal performance on Wall Street lately and that has been bailed out by the federal government three ...
Friday, April 17, 2009
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