What you need to know on Wall Street today
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Citigroup released fourth-quarter results Tuesday, beating the expectations of Wall Street analysts with adjusted earnings of $1.28 a share. Analysts were expecting the bank to report adjusted earnings - which don't include short-term impacts of the new tax law - of $1.19 a share.
It's expected to be a noisy quarter for bank earnings in general, thanks in part to the tax law, which has caused many banks to book losses on repatriated cash and deferred tax assets that declined in value. Overall, Citi lost $18.3 billion, or $7.15 a share, for the quarter.
That included a one-time, non-cash charge of $22 billion, or $8.43 a share, on account of the new tax law.
Elsewhere in finance news, Goldman Sachs' vaunted commodities-trading team got butchered in 2017. Two of the biggest high-speed trading firms are joining forces in a deal that's a "sign of the times." And Apple, Amazon, and other tech titans could threaten big banks in one key area.
There's a ton of markets and investing news, so let's jump right in:
- Dow hits 26,000 for the first time
- CREDIT SUISSE: There are 3 things that could drive the stock market crazy in 2018
- There's a "significant risk to markets" that's a bigger worry than where the economy is headed next
- A dangerous trade that reminds experts of the 1987 market crash is riskier than ever
- David Einhorn's Greenlight Capital suffers, says "it feels like we have been running face first into the wind"
- Greenlight Capital is also betting that Twitter will have a winning year
In crypto news, two blockchain ETFs are launching - but the SEC asked them to take blockchain out of their names. Messaging app Telegram is looking to raise $1.2 billion in an ICO to become the Mastercard "for the new decentralized economy." The CEO of the oldest bitcoin exchange says all platforms are struggling with "the massive, massive amount of new users." And just about every cryptocurrency is getting smoked.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market