Mid-Day Buzzers: Pandit Resigns from Citigroup, Coca-Cola Edges Lower
Shares of Citigroup (NYSE:C) gained nearly 1 percent in afternoon trading. One day after reporting quarterly earnings, Vikram Pandit announced unexpectedly that he is stepping down as Citigroup’s CEO and will be replaced by Michael Corbat. Chief Operating Officer John Havens also resigned.
The Coca-Cola Company (NYSE:KO) edged slightly lower after reporting financial results for the third quarter. Net income rose 4.1 percent to $2.31 billion (50 cents per share), compared to $2.22 billion (48 cents per share) a year earlier. Muhtar Kent, Chairman and Chief Executive Officer said, “We are pleased with our third quarter and year-to-date results. We continue to deliver consistent and solid performance, with our business growing worldwide volume by 4 percent in the quarter and 5 percent year-to-date. Importantly, we realized growth in the quarter across all five of our global geographic operating groups, despite continued volatility in the worldwide economy.” Pepsico (NYSE:PEP) shares increased modestly on the news.
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Goldman Sachs Group (NYSE:GS) shares traded about 0.80 percent higher. The company reported a profit of $1.51 billion ($2.85 per share), compared to a net loss of $393 million (84 cents per share) a year earlier. “This quarter’s performance was generally solid in the context of a still challenging economic environment,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “We continue to be disciplined in managing our operations and capital, while effectively serving our clients’ needs. The focus on these priorities will serve our shareholders and the firm well over the longer term.”
Shares of Johnson & Johnson (NYSE:JNJ) climbed nearly 1.4 percent higher. The consumer healthcare company said that net income for the third quarter fell 6.3 percent to $3 billion ($1.05 per share), compared to $3.2 billion ($1.15 per share) a year earlier. However, revenue gained 6.8 percent to $17.1 billion, beating estimates.
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