Citigroup Misses Estimates; Shares Drop

Shares of Citigroup Inc. dropped more than 6% Tuesday after the banking giant said it swung to a fourth-quarter profit, but the results fell short of expectations. Citi (C) reported quarterly net income of $1.3 billion, or 4 cents a share, compared with a loss of $7.6 billion, or 33 cents a share, in the fourth quarter of 2009. – MW