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Investor's Alert: Citigroup Inc (NYSE:C), Primoris Services Corp (NASDAQ:PRIM), Retrophin Inc (NASDAQ:RTRX)

Investor's Alert: Citigroup Inc (NYSE:C), Primoris Services Corp (NASDAQ:PRIM), Retrophin Inc (NASDAQ:RTRX)
Written by
Joel Najarian
Published on
October 14, 2014
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Citigroup Inc (NYSE:C) reported Q3 results that beat the Street view on both earnings per share and total revenues. The bank reported Q3 adjusted EPS of $1.15, up from $1.02 in Q3 2013 and beating analyst estimates of $1.13 for the quarter. Total revenues of $19.60 billion were up from $17.90 billion in Q3 2013 and surpassed analyst projections of $19.01 billion. "Our consumer bank and institutional business each had solid performance during the quarter and generated stronger revenues both sequentially and year-on-year," said Michael Corbat, Chief Executive Officer of Citigroup Inc (NYSE:C)."The revenue improvement was evident across regions and products. With Citi Holdings again turning a profit and the utilization of additional deferred tax assets, we again demonstrated progress against two execution priorities and increased our capital base."Citigroup also announced plans to accelerate the transformation of Global Consumer Banking (GCB) by focusing on markets where it has the greatest scale and growth potential, and will exit its consumer businesses in 11 markets. The new consumer banking footprint will serve nearly 57 million clients in 24 markets that capture over 95% of GCB's existing revenue base. The affected businesses include the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea.Primoris Services Corp (NASDAQ:PRIM) said it received a new Master Service Agreement from a major Northern California utility customer with an expected value of $80 million. The new contract was secured by Primoris Services' Underground division of ARB Inc., a Primoris subsidiary and part of the West Construction Service segment. The MSA will commence in October of 2014. Primoris Services Corp (NASDAQ:PRIM) trades in a 52-week range of $23.60 to $33.42.Retrophin Inc (NASDAQ:RTRX) said Tuesday it has reached an agreement to divest three of its non-core drug assets to Turing Pharmaceuticals. Under the terms of the agreement, Turing will pay Retrophin Inc (NASDAQ:RTRX) a $3 million upfront payment and assume all liabilities and future milestone payments related to ketamine, Syntocinon nasal spray (oxytocin), and Vecamyl (mecamylamine HCI tablets).Retrophin CEO Stephen Aselage said the company will focus its marketing efforts on Chenodal and Thiola. "This agreement will also allow us to focus on advancing key pipeline assets, including sparsentan for FSGS and RE-024 for PKAN, through the clinic." The divestment is expected to close by the end of the first quarter of 2015. The pharmaceutical company also announced that founder Martin Shkreli has resigned from the company's board of directors and his employment agreement has been terminated, effective immediately.

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