Citigroup Losses $5B, Cuts 9,000 Jobs, Stock Jumps 8%
Apr 18th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsFrom the Five Minute Forecast, “Citi came clean with another $12.1 billion in write-downs. They announced a $5 billion first-quarter loss this morning, too.
The loss is larger than expected, but a higher-than-expected top-line earnings number has given traders reason to celebrate, apparently. Ticker C rocketed up over 8% in premarket trading. Our best guess: A known loss is better than the great abyss. And there are still plenty of folks willing to time the bottom in any one of these behemoth Wall Street banks.