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Market Update

Citigroup Net Soar on Lower Expenses, Goldman Sachs Net Tumbles


Author: Mukesh Buch
ticker.com
Last Update: 1:05 PM ET October 15 2015

1:00 PM New York Citigroup net surged 54% after legal costs and operating expenses plunged 18%. Goldman Sachs net tumbled 38%. Philip Morris profit plunged 10%. BB&T net fell 4% but revenues soared 7%. U.S. Bancorp net rose 0.7%. Blackstone net swung to a loss.

Tollbooth Index increased 53.22 or 0.5% to 10,507.41.

Earnings Review

BB&T Corporation (BBT) jumped 2.1% or 74 cents to $36.49 after the financial services provider said total revenues in the third-quarter ending in September soared 6.9% from a year ago to $2.49 billion.

Net income in the quarter fell 3.9% to $492 million or 64 cents per diluted share compared to $512 million or 70 cents from the same quarter last year.

Blackstone Group LP (BX) gained 2.2% or 73 cents to $34.33 after the alternative asset manager stated total revenues in the third-quarter ending in September tumbled 99% from a year ago to $11.57 million.

Net in the quarter swung to a loss of $254.7 million or 40 cents per diluted share compared to profit of $250.5 million or 41 cents from the same quarter last year.

The company said unrealized carried interest loss in the quarter was to 1.06 billion from a year ago period.

Citigroup Inc (C) soared 3% or $1.54 to $52.26 after the financial services provider reported total revenues in the third-quarter ending in September plunged 5.4% from a year ago to $18.69 billion.

Net income in the quarter surged 53.6% to $4.29 billion or $1.35 per diluted share compared to $2.84 billion or 88 cents from the same quarter last year.

The bank said legal and related costs in the quarter declined to $376 million from $1.6 billion a year earlier and operating expenses plunged 18% as the bank exited businesses with no prospects of profits.

Deposits in the quarter dropped 4% to $904 billion and total loans plunged 5% to $622 billion.

Goldman Sachs Group Inc (GS) rose 1.3% or $2.24 to $181.99 after the bank and brokerage services provider said total revenues in the third-quarter ending in September declined 18% from a year ago to $6.86 billion.

Net income in the quarter tumbled 38% to $1.33 billion or $2.90 per diluted share compared to $2.14 billion or $1.98 from the same quarter last year.

As of September, total assets increased 2% to $881 billion and global core liquid assets were $193 billion.

Philip Morris International Inc (PM) advanced 1.4% or $1.17 to $85.65 after the tobacco products maker reported total revenues in the third-quarter ending in September declined 9% from a year ago to $19.42 billion.

Net income in the quarter plunged 9.9% to $1.94 billion or $1.25 per diluted share compared to $2.16 billion or $1.38 from the same quarter last year.

Philip Morris narrowed earnings per share forecast for the year in the range of $4.35 to $4.40 from $4.76 in a year ago period.

U.S. Bancorp (USB) gained 1% or 42 cents to $40.92 after the financial services provider said revenues in the third-quarter ending in September jumped 3.1% from a year ago to $5.15 billion.

Net income in the quarter rose 0.7% to $1.42 billion or 81 cents per diluted share compared to $1.41 billion or 78 cents from the same quarter last year.

UnitedHealth Group Inc (UNH) slumped 2.4% or $2.98 to $119.09 after the health care services provider revenues in the third-quarter ending in September soared 27% from a year ago to $41.49 billion.

Net income in the quarter nearly flat at $1.60 billion from a year ago and diluted earnings per share rose $1.65 compared to $1.63 in the same quarter last year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc