Day Ahead: Surprise Citi

 | Apr 14, 2014 | 8:30 AM EDT  | Comments
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An upbeat quarterly report from one of the big money centers gave U.S. futures a lift Monday morning, even as global markets continued to struggle.

This morning European stocks failed to stanch a two-day downturn, pressured by continued tension between Russia and Ukraine. Asian markets finished mostly lower, though the Hang Seng and Shanghai indices did book modest gains.

Meanwhile, back in the U.S., Citigroup (C) shares jumped 2% in premarket trading after reporting adjusted earnings per share of $1.30 in the first quarter, compared with analyst estimates of $1.14, on better-than-expected revenue. Separately, the bank is reportedly cutting as many as 300 jobs in its global markets unit, according to The Wall Street Journal.

Also reporting before the bell, M&T Bank (MTB) beat quarterly EPS estimates by a nickel. After the close, Wall Street expects auto-parts supplier Pep Boys (PBY) to earn $0.05 per share on sales of $534 million.

March retail sales beat consensus estimates by a single basis point at 1.1%, and rose 0.07% stripping out auto sales. Look for February's business inventories at 10 a.m. ET.

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