Financial Business Update: Citi Soars On Earnings, Schwab Buys ThomasPartners
Citigroup (NYSE:C) beats its third quarter earnings by 7 cents, and the shares popped. Chief Financial Officer John Gerspach commented on the conference call, that “We are all seeing some elements of what I would call stabilization… But there are still some rather significant challenges to be faced.”
The Charles Schwab Corporation (NYSE:SCHW) will buy the money manager ThomasPartners for $85 million in upfront cash, and additional consideration that depends on growth in AUM, which is currently at $2.3 billion. The buyer expects the purchase to be accretive to earnings per share after the first year.
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Bankrate (NYSE:RATE) shares tumbled after hours Monday, following word that the firm’s preliminary third quarter results of revenue expected between $115.5 million and $117.5 million, compared to consensus of $132.7 million, and earnings of 11 to 13 cents versus a consensus of 20. Other reports showed quite strong refi activity today, so analysts might wonder what is up with Bankrate.