In other news, Citigroup ( C) reported first-quarter earnings that beat analysts' expectations. Citigroup reported a 31% rise in first-quarter profit on revenue growth in its securities and investment banking division. The company reported net income of $3.8 billion, or $1.23 per share, for the quarter, up from $2.9 billion, or 95 cents per share, a year ago. Analysts had been expecting earnings of $1.17 per share before accounting adjustments. This was the company's first full quarter under Chief Executive Michael Corbat. In a statement, Corbat said, "Achieving consistent, high-quality earnings is one of my top priorities and these results are encouraging. During the quarter, we benefited from seasonally strong results in our markets businesses, sustained momentum in investment banking, continued year-over-year growth in loans and deposits in Citicorp, and a more favorable credit environment." Excluding accounting adjustments, net income rose to $4 billion, or $1.29 per share, in the quarter, from $3.4 billion, or $1.11 per share, a year ago. Total revenue rose 6% in the quarter, though revenue in North America fell to $5.1 billion from $5.2 billion in the same quarter a year ago. Corbat acknowledged difficulties the bank still faces, saying, "The environment remains challenging and we are sure to be tested as we go through the year."
Finally, Thermo Fisher Scientific ( TMO)is set to buy Life Technologies ( LIFE) for $13.6 billion in the latest of a series of acquisitions. Thermo Fisher, which makes lab equipment, said it would pay $76 a share for diagnostics equipment maker Life Technologies. It also said it would assume the company's debt, which was about $2.2 billion at the end of 2012. It is Thermo Fisher's largest acquisition to date and also one of the biggest corporate acquisitions in the U.S. so far this year. The deal will give Thermo Fisher entry into the genetic sequencing field. In a statement, Thermo Fisher CEO Marc Casper said, "The acquisition of Life Technologies enhances all three elements of our growth strategy: technological innovation, a unique customer value proposition and expansion in emerging markets." The deal is expected to close in early 2014. Thermo Fisher has been acquiring laboratory and diagnostics equipment makers since the company was formed in 2006 through the merger of Thermo Electron Corp. and Fisher Scientific International Inc.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.