Dividend.com: Valmont Beats Again

Valmont is not recommended at this time, holding a Dividend.com DARST Rating of 2.8 out of 5 stars.

Citigroup Posts Better-Than-Expected First-Quarter Loss of $966 Million

Troubled banking giant Citigroup(C Quote) reported a better-than-expected first-quarter loss Friday morning, as the company's cost-cutting measures, investment banking and trading successes helped assuage its losses.

The New York City-based company posted a fiscal first-quarter loss of $966 million, or 18 cents per share, up from a loss of $5.19 billion, or $1.03 per share, in the year-ago period. Revenue nearly doubled from the year-ago period to $24.79 billion.

On average, Wall Street analysts expected a loss of 30 cents per share on revenue of $21.73 billion.

Citigroup, which has to date received $45 billion in federal bailout money, said that the most recent quarter included $10.3 billion in credit costs, up 76% from a year ago. The company said that its North American credit card operations posted a loss in the quarter.

Citigroup stock opened higher Friday, before falling 25 cents, or 6.5% by mid-morning.

We have avoided shares of Citigroup since our June coverage began, when the stock was trading at $20.06. The company has a 1% dividend yield, based on last night's closing stock price of $4.01. The stock has technical support in the $2 price area. If the shares continue their recent run-up, we see overhead resistance around the $5.50-$7 price levels. We would remain on the sidelines for now.

Citigroup is not recommended at this time, holding a Dividend.com DARST Rating of 2.3 out of 5 stars.

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