For the next couple quarters I might just as well repeat our pre-Q1 commentary:
...As for Tuesday's earnings, the average analyst estimate is 8 cents with the range being a nickle to 9 cents. Because of the recent run-up a penny miss would hurt more than a positive penny surprise. My best guess is that loan write-offs have declined to a small number and the company may even take some money out of loan-loss reserves, not real high quality earnings but earnings none-the-less....Here's today's story from Bloomberg:
Citigroup Inc. (C), the third-largest U.S. bank, reported a 32 percent drop in first-quarter earnings, a smaller decline than analysts estimated, as the bank reduced reserves for future losses and earnings from consumer banking increased.
Net income was $3 billion, or 10 cents a share, compared with $4.43 billion, or 15 cents, in the same period last year, the New York-based company said today in a statement. Twenty-one analysts surveyed by Bloomberg estimated per-share earnings of 9 cents....MORE
