Stocks to Watch: Citigroup, Nvidia
NEW YORK -- A $10 billion settlement to resolve claims of foreclosure abuses by 14 major banks is expected to be announced as early as Monday, The New York Times reported, citing several people with knowledge of the settlement.
Roughly $3.75 billion of the $10 billion is to be distributed to people who went through foreclosure in 2009 and 2010, the newspaper reported.
All 14 banks , including JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C), are expected to sign on, according to the Times.
Meanwhile, Reuters reported that Citigroup CEO Michael Corbat has been meeting with regulators in his first months on the job, as he looks to improve relationships and finalize the bank's plan to return capital to shareholders.
Corbat also is expected to name his team of top managers within the next week or so, one of the sources told Reuters. Citigroup Is Your Best Bank Stock Play Through 2015: Deutsche BankChipmaker Nvidia (NVDA) unveiled a handheld game console on Sunday at the Consumer Electronics Show in Las Vegas. Nvidia didn't disclose pricing details or a release date for the "Project Shield" device, which plays Android games. The device runs on a new version of the Tegra processor, which Nvidia also announced at CES. CES 2013 Preview: New Smartphone Platforms
Paul Jacobs, CEO of wireless chipmaker Qualcomm (QCOM), delivers the keynote address at the 2013 CES convention on Monday night. The company also is expected to unveil new products for its line of modems and application processors used in smartphones and tablets, according to MarketWatch. Innovation at Microsoft? Show Us, Don't Tell Us!
Steel company Commercial Metals (CMC) is expected by analysts Monday to post fiscal first-quarter earnings of 17 cents a share on revenue of $1.9 billion.
Zep (ZEP), the cleaning company, is seen posting fiscal first-quarter profit of 18 cents a share on revenue of $156.8 million.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
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