Market Updates: Citigroup (NYSE:C), Apple (NASDAQ:AAPL), AT&T (NYSE:T), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC)

Citigroup (NYSE:C) has received approval from the Indonesian Stock Exchange to broker stock in the country, according to a story in Monday’s The Wall Street Journal. Citigroup is the largest foreign bank in Indonesia by assets. The bank already has sales and trading in foreign exchange, fixed income, credit and commodities in Indonesia, and has been expanding its equity research group in the country since the beginning of this year. –MarketWatch

A monopoly abuse lawsuit against Apple (NASDAQ:AAPL) and AT&T (NYSE:T) mobile phone unit was awarded class-action status by a judge in California. The complaint takes issue with the fact that iPhones are locked into AT&T’s network, the Associated Press reported. The lawsuit says Apple made a secret deal giving AT&T exclusive use of the iPhone in the United States for five years. This means that customers who sign up for a two-year agreement with AT&T when they buy an iPhone are effectively locked into a five-year relationship.  This has negatively affected competition and driven up prices, the lawsuit says. Apple denied that it hurt competition. –Daily Finance

Bank of America (NYSE:BAC) and Wall Street firms that notched perfect trading records in the first quarter are now depending on an accounting benefit last used in the depths of the credit crisis to prop up their results. Bank of America, the biggest U.S. bank by assets, may record a $1 billion second-quarter gain from writing down its debts to their market value, Citigroup Inc. analyst Keith Horowitz estimated in a June 23 report. The boost to earnings, stemming from an accounting rule that allows banks to book profits when the value of their own bonds falls, probably represented a fifth of pretax income, Horowitz wrote. In the first quarter, the four biggest U.S. lenders, Bank of America, JP Morgan Chase (NYSE:JPM), Citigroup and Wells Fargo (NYSE:WFC), produced combined profit of $13.5 billion, the most since the second quarter of 2007. That figure probably fell by 28 percent in the second quarter, based on a Bloomberg survey of analysts’ estimates. The banks are scheduled to announce results over the next two weeks, led by JPMorgan on July 15. –Bloomberg

European stocks pared early gains to trade little changed Monday, with volumes remaining low across the board, as investors kept to the sidelines ahead of the start of the U.S. earnings season. "European indexes are marking time today after last week’s rally," said David Morrison at GFT. "Most are waiting to see what the U.S. does next as their major indexes are meeting significant upside resistance." The Stoxx Europe 600 Index was down 0.2% at 249.65. London’s FTSE 100 Index edged down 0.1% at 5136.83, Frankfurt’s DAX Index was 0.1% higher at 6070.45 and Paris’s CAC-40 Index eased 0.1% to 3550.40. –The Wall Street Journal