Citigroup Inc
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Financials : Banks | Large Cap Value
Company profile

Citigroup Inc. is a diversified financial services holding company. The Company provides a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Its operating business segments include Institutional Clients Group (ICG), Personal Banking and Wealth Management (PBWM), Legacy Franchises and Corporate/Other. ICG segment consists of services, markets, and banking that provides corporate, institutional, and public sector clients with a range of wholesale banking products and services. The Company’s PBWM segment consists of United States (US) personal banking and global wealth management, providing traditional banking services and credit cards to retail and small business customers in the U.S. Its Legacy Franchises segment includes Asia consumer banking, Mexico consumer banking/Mexico small business and middle-market banking (SBMM) and legacy holdings assets.

Closing Price
$51.13
Day's Change
0.27 (0.53%)
Bid
--
Ask
--
B/A Size
--
Day's High
51.76
Day's Low
50.59
Volume
(Light)
Volume:
14,360,969

10-day average volume:
19,606,023
14,360,969

Norfolk Southern stock rallies toward 3-month higher after Cincinnati Southern Railway purchase

10:25 am ET November 22, 2022 (MarketWatch)
Print

Shares of Norfolk Southern Corp. rallied 1.1% toward a three-month high in morning trading Tuesday, after the railroad operator announced a deal to buy nearly all of the assets of Cincinnati Southern Railway (CSR) for $1.62 billion in cash from the City of Cincinnati. CSR consists of 337 miles of railroad that runs from Cincinnati to Chattanooga, Tenn. The deal, announced late Monday, is expected to close in the first half of 2024. Citi Research analyst Christian Wetherbee said the deal appears to be more strategic than growth-oriented for Norfolk, as the rail had previously been operating on the CSR network long-term lease, and the contract was set to renew at a higher rate in about four years. "[T]he acquisition won't add incremental revenue, but the avoidance of higher lease payments and the ability to swap the lease expenses with depreciation expenses, should be a positive to the OR [operating ratio]." The stock has lost 15.4% year to date, while the Dow Jones Transportation Average has lost 12.2% and the Dow Jones Industrial Average has slipped 6.6%.

-Tomi Kilgore

	

(END) Dow Jones Newswires

November 22, 2022 10:25 ET (15:25 GMT)

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