NEW YORK -- Citigroup (C) CEO Michael Corbat makes his first presentation Tuesday since taking over the bank in October.
Corbat's speech, at Citi's 2013 U.S. Financial Services Conference in Boston, begins at 12:45 p.m. EST. It's expected the CEO will focus on near-term financial targets, rather than lay out a new strategic plan for Citigroup, according to industry observers contacted by MarketWatch.
Shares of iPhone maker Apple (AAPL) lost 2.4% Monday to finish at $420.05; the stock hit a 52-week low of $419 during the trading session. Apple's 52-week high is $705.07. DoubleLine Capital CEO Jeffrey Gundlach predicted in November that the stock would close below $425. Apple Crashing, Gundlach's a Legend, Board Should Look at Cook
Vornado Realty Trust (VNO) was selling 10 million shares of J.C. Penney (JCP) in an unregistered secondary transaction, according to a person familiar with the sale, The Wall Street Journal reported. Vornado is J.C. Penney's third-largest shareholder. Deutsche Bank is handling the block transaction, the person told the newspaper, and the deal is expected to price at a range of $16.40 and $16.60 a share. Shares of J.C. Penney have declined more than 50% in the past year. J.C. Penney Needs to Fire Delusional Ron Johnson Now
A report by the Senate Permanent Subcommittee on Investigations highlights flaws in JPMorgan Chase's (JPM) public disclosures and takes aim at several executives, including Douglas Braunstein, who was chief financial officer at the time the bank recorded multibillion-trading losses, The New York Times reported, citing people briefed on the inquiry. The report's findings are scheduled to be released on March 15, the newspaper said.
Checkpoint Systems (CKP) is expected by analysts Tuesday to post fourth-quarter earnings of 17 cents a share on sales of $207.3 million.
VeriFone Systems (PAY) is predicted by analysts to post fiscal first-quarter earnings of 49 cents a share on revenue of $431.5 million.
-- Written by Joseph Woelfel
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