Mid-Morning Market Update: Markets Open Lower; Citigroup Reports Mixed Q4 Results

A pen next to a calculator.
Credit: Shutterstock photo

Following the market opening Monday, the Dow traded down 0.42 percent to 23,895.11 while the NASDAQ declined 0.94 percent to 6,905.96. The S&P also fell, dropping 0.57 percent to 2,581.51.

Leading and Lagging Sectors

Monday morning, the financial shares rose 0.02 percent. Meanwhile, top gainers in the sector included Oconee Federal Financial (NASDAQ: OFED ) up 5 percent, and Sirius International Insurance Group Ltd (NASDAQ: SG ) up 4 percent.

In trading on Monday, utilities shares fell 1.8 percent.

Top Headline

Citigroup Inc (NYSE: C ) reported better-than-expected earnings for its fourth quarter, while sales missed estimates.

Citigroup said it earned $1.61 per share in the fourth quarter on revenue of $17.1 billion, which was mixed compared to expectations of $1.55 per share on revenue of $17.59 billion.

Revenue for the fourth quarter was 2 percent lower on a year-over-year basis, mostly due to lower revenue in Fixed Income Markets with the Institutional Clients Group and the wind-down of legacy assets in Corporate/Other.

Equities Trading UP

Microbot Medical Inc (NASDAQ: MBOT ) shares got a boost, shooting up 98 percent to $4.76 after the company reported a European patent covering its ViRob technology platform.

Shares of Pedevco Corp (NYSE: PED ) shot up 30 percent to $1.6235 after the company entered an agreement to acquire 22,000 Acres in the Permian Basin and raised $15 million.

Gannett Co., Inc. (NYSE: GCI ) shares were also up, gaining 16 percent to $11.34 after MNG Enterprises confirmed a proposal to acquire Gannett for $12.00 per share in cash.

Equities Trading DOWN

PG&E Corporation (NYSE: PCG ) shares dropped 48 percent to $9.22 after announcing a leadership change and bankruptcy proceedings. Late Sunday, the board of directors announced the resignation of CEO Geisha Williams and rise of interim CEO John Simon, who served as executive vice president and general counsel for the last two years. Then, a Monday press release reported voluntary reorganization in a Chapter 11 bankruptcy proceeding. Management anticipates no interruption of service during the process.

Shares of Tailored Brands, Inc. (NYSE: TLRD ) were down 14 percent to $12.62 after the company lowered its Q4 and FY18 earnings guidance.

Verona Pharma plc (NASDAQ: VRNA ) was down, falling around 38 percent to $6.25 after reporting top-line data from three-day Phase 2 trial evaluating nebulized ensifentrine on top of dual bronchodilator therapy for COPD maintenance treatment.


In commodity news, oil traded down 1.14 percent to $51.00 while gold traded up 0.13 percent to $1,291.20.

Silver traded down 0.04 percent Monday to $15.65, while copper fell 1.24 percent to $2.629.


European shares were lower today. The eurozone's STOXX 600 dropped 0.73 percent, the Spanish Ibex Index fell 1 percent, while Italy's FTSE MIB Index dropped 0.98 percent. Meanwhile the German DAX dropped 0.58 percent, and the French CAC 40 declined 0.65 percent while U.K. shares fell 1.01 percent.


The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

© 2019 Benzinga does not provide investment advice . All rights reserved.

Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics


Latest Markets Videos