NEW YORK (TheStreet) - Citigroup (C) beat analysts' estimates on earnings per share by 16 cents earning $1.24. This report was released before the opening bell on Monday and this followed the company's announcement that they settled their subprime mortgage probe paying $7 billion.
Citi shares are currently trading around $48.45, down over 7% for the year to date.
When I crunched the numbers for the 24 components on the KBW Banking Index on July 7 I noted that Citigroup has a year-to-date decline of 7.4% since its July 3 close at $48.24.
Let's look at the daily chart for Citigroup:
Courtesy of MetaStock Xenith Citigroup traded as high as $48.83 on Monday morning hopping above its 21-day and 50-day simple moving averages at $47.61 and $47.57, respectively, but stayed shy of its 200-week SMA at $49.24. >>Citigroup's Bad Bank Drives Second-Quarter Profit Despite Mortgage Settlement >>Why JPMorgan Is Undervalued on Long-Term Earnings Growth Estimates I am not showing Citi's weekly chart, but the stock will have a positive weekly chart given a close this week above its five-week modified moving average at $47.73 with its 200-week SMA at $40.91.
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