Chief Executive Officer Vikram Pandit resigned today from Citigroup, which caught the market by surprise.
Considering that he had lost the confidence of the board and of the Chairman Michael E. O'Neill this is not such a great surprise, although apparently no news leaked out so it appears that this was a decision whose timing was decided by Mr. Pandit.
After the bell INTC beat the numbers it had lowered a few weeks ago.
IBM beat adjusted earnings but missed the revenues. Given the nature of their services business and their accounting of hold backs, I imagine Big Blue could write their name in the snow with their quarterly earnings number.
This was a nice bounce, but the bulls have to take it higher to break out of this pennant formation.
