Stocks opened above the flat line, supported by strong earnings report from Citigroup. The largest U.S. bank reported Q1 profit rise of 4% on revenue growth from foreign operations. Elsewhere in the bank sector, Wachovia said that its Q1 net income advanced 7% to $1.09 a share, but missed estimates of $1.12 a share. Charles Schwab Corp. posted 68% jump in Q1 income on record revenue. Knight Ridder reported Q1 profit decrease of 42 cents a share from 79 cents last year, despite revenue increase. |
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