Citigroup Inc News and Headlines -
- New Purchases: PG,
- New Purchases: PNC,
- New Purchases:
According to the hedge fund's 13F filing for the three months ended December 2020, ValueAct Capital's largest holding in its portfolio was Seagate Technology (STX).
At the end of the reporting period, the hedge fund owned around 30.2 million shares in Seagate, a position worth just under $1.9 billion. It accounted for approximately 22% of assets under management. The second-largest holding in the portfolio after Seagate was Citigroup (C) with a 19.3% weighting.
However, it looks as if the hedge fund has been liquidating its position in Seagate over the past few months, exiting what has been an incredibly profitable
The Dow Jones Industrial Average closed at 34,035.99 on Thursday with a gain of 305.10 points or 0.90%. The S&P 500 closed at 4,170.42 for a gain of 45.76 points or 1.11%. The Nasdaq Composite closed at 14,038.76 for a gain of 180.92 points or 1.31%. The VIX Volatility Index was lower at 16.57 for a loss of 0.42 points or -2.47%.
Thursday's Market Movers
U.S. stocks rebounded after Wednesday's down close. Technology led gains with the Nasdaq Composite up 1.31% and the S&P 500 technology sector up 1.72%.
March retail sales beat economists' expectations with help from stimulus spending.
Citigroup Inc. (C) posted its first-quarter 2021 financial results before the market opened on April 15. The company recorded an earnings and revenue beat for the quarter, helped by a rise in trading revenue, which was only partly negated by declining interest income in the consumer banking business. Additionally, a higher-than-anticipated release of loan-loss reserves boosted quarterly profits.
Shares surged 3% to $75 in premarket trading following the news.
Performance at a glance
The New York-based bank reported net income of $7.9 billion, which reflected a mammoth growth of 213% over the prior-year quarter. Adjusted earnings were $3.62 per share
News of an improving labor market sent major U.S. equity indexes to new highs last week. The S&P 500 closed at 4,128.80 on Friday, up 2.7% for the week, while the Dow Jones closed at 33,800.60, up 2%. The Nasdaq composite closed at 13,900.60, up 3.1% for the week as tech shares regained their momentum.
Total non-farm payroll employment rose by 916,000 in March, twice the gains seen in February, while the unemployment rate dropped below 6%, according to a report published by the Bureau of Labor Statistics. That was the day U.S. equity markets were closed for Good Friday,
The guru, who manages several of the Chicago-based firm's funds, said he believes there are still plenty of bargains available despite the epic rebound the market has had following the Covid-19 pandemic-induced selloff.
The first industry Nygren discussed was banks. Oakmark's bank holdings include Wells Fargo & Co. (WFC), Bank of America Corp. (BAC), Citigroup Inc. (C), Capital One Financial Corp. (COF) and Ally Financial Inc. (ALLY).
"The main story for us