Stocks to Watch: Citigroup, Apple

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.

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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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