Markets pushed higher as a result of fourth quarter earnings being relatively positive vs. expectations. This bullish market has seen successful earnings reports from Citigroup (ticker:C) and American energy company Schlumberger (ticker: SLB).
Citigroup's fourth quarter 2017 results reported revenue of $17.26 billion, which topped projected earnings of $17.22. This positive result was on the back of a 5.5% increase in Global Consumer Banking. This has seen Citigroup's share price rebound from $74.5 to around $78.5. Analysts at Barclays and RBC Capital Markets suggest to hold onto the stock at $78, forecasting the stock to rise to $85.
Meanwhile, Schlumberger released top and bottom line beat within its fourth quarter results. It's revenue of $18.18 billion exceed expectation of $8.12 billion, outlining increased investor sentiment as a result of strong performances for oil sitting just under $60. Paal Kibsgaard, the CEO of Schlumberger, commented that "the oil market is now in balance and the previous oversupply discount is gradually being replaced by a market premium, which makes us increasingly positive on the global outlook for our business." FBR & Co. see an increase in value of Schlumberger within 2018, forecasting a share price of $105 to $107 YTD.
- Courtesy of StockAlertPLUS from TheStreet
Thanks for the update. Global consumer banking may have increased but I'm sure those days are numbered.
Crypto currency will totally replace banking in the near future. Another 5 years and I doubt any banks will exist.
Only time will tell. Crypto currency is seen as incredibly transparent and universal, meaning we could be heading towards a universal currency (which reduces currency exchange costs and makes e-commerce a lot more attractive).