Citi Inc. (NYSE: C) reported its Q3 numbers Tuesday, Oct. 13, and even though the banking giant did almost everything investors could have asked of it last quarter, the market sold the stock anyway. In what must have been a painful day for investors, shares slid more than 5% despite a beat on both earnings and revenue.
Things weren’t looking much better during early trading on Wednesday, Oct. 14, with the stock gapping down a further roughly 2% at the open. With that drop, Citi is now up just around 6% year to date and down close to 20% since the middle of June. For a quarter that looks so strong on paper, it’s a curious reaction, and one that says as much about expectations as it does about the numbers.
