In an investment banking world where losses are expected to continue to mount, a loss that is less than expected is reason to rejoice. Such is the case for Citigroup, whose quarterly earnings have surprised in that they were less than expected. Stock index futures have rebounded, erasing most of the losses from the poor earnings reports last night. Is this a short-covering rally, or genuine buyers stepping into the market?Friday, July 18, 2008
Citigroup Loses Less
In an investment banking world where losses are expected to continue to mount, a loss that is less than expected is reason to rejoice. Such is the case for Citigroup, whose quarterly earnings have surprised in that they were less than expected. Stock index futures have rebounded, erasing most of the losses from the poor earnings reports last night. Is this a short-covering rally, or genuine buyers stepping into the market?
