Citigroup (NYSE:C) became the second major bank following JPMorgan Chase (NYSE:JPM) to release results and reported a $7.6 billion quarterly loss, or $1.4 billion of red ink when excluding repaying TARP and exiting government protection over assets. Citi took provisions for loan losses of $8.2 billion, though that’s down 36% from the prior-year period, and down 10% from the third quarter. -MarketWatch
TD Ameritrade (NASDAQ:AMTD) the third-largest retail brokerage by client assets, stated that quarterly profit fell 26 percent, hurt by a slowdown in stock trading and record low interest rates. Net income for the fiscal first quarter slid to $136.2 million, or 23 cents per share, from $184.4 million, or 31 cents, a year earlier, the Omaha-based company disclosed in a statement today. The results missed the 26-cent average estimate of 19 analysts. -Bloomberg
Google (NASDAD:GOOG) states that it is delaying the planned China launch of two mobile-phone models that use its operating system, the clearest sign yet that its standoff with Beijing is already affecting parts of its China business beyond its Chinese search engine, and that ramifications are spreading to its business partners. Google’s statement came on the eve of the planned launch of the two phones, made in partnership with Samsung Electronics Co. and Motorola Inc. and to be launched with Chinese mobile carrier China Unicom (Hong Kong) Ltd. on Wednesday. –The Wall Street Journal
British candy company Cadbury agreed to a $19.5 billion takeover offer from U.S. food group Kraft Foods (NYSE:KFT) in a deal that would create the world’s biggest chocolate maker. The board of Cadbury PLC, maker of Creme Eggs and Dentyne gum, gave up a four-month fight to remain independent and on Tuesday recommended shareholders take Kraft’s offer of 840 pence ($13.78) per share, amounting to 11.9 billion pounds. The revised bid is for 500 pence cash and 0.1874 new Kraft shares for each Cadbury share, still somewhat less than some analysts believed the company is worth but 50 percent higher than Cadbury’s market value before Kraft went public with its approach in September. A previous offer of 10.5 billion pounds ($17.1 billion) valued Cadbury at about 770 pence, but was dismissed by Cadbury as "derisory." –Daily Finance
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