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Stocks appear bearish this morning on global concerns and news that Citigroup’s profit fell 32% which actually beat expectations by a small margin. Citi lost less money on bad loans but had a rough time growing business. The company earned $3 billion down from $4.4 billion last year. Citibank said it is slowly recovering and mentioned they have had 5 consecutive quarters with a profit. Also, keep in mind the bank did take a $45 billion bailout. Eli Lilly earned $1.06 billion compared to $1.25 billion last year at this juncture. The reason for rise in sales and earnings was due to prescription medicine sales overseas. Halliburton also posted better than expected earnings due to high oil prices, unrest in the Middle East, and fear that the global recovery might be long road. Profits rose to $511 million from $206 million last year. Revenue rose to $5.3 billion which is better than forecasts of $4.89 billion. New projects are being invested in by the company to take advantage of the intense level of oil and gas prices.

Saudi Arabia mentioned it wants to slash over 800,000 barrels of crude production a day for the month of March due to oversupply. This could also affect the market in the short week ahead. The unrest in the Middle East has created political instability. Saudi Arabia mentioned that nearly $93 billion would be given in handouts so that unrest could possibly pass by the oil rich country.


*chart courtesy Gecko Software’s Track n’ Trade Pro
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