Citigroup Soars as Fraser Plans to Buy Back $20 Billion of Stock

 Citigroup Inc. said it will repurchase $20 billion worth of its stock in the coming years — unleashing billions of excess capital the bank had been keeping on hand in order to meet a key ask from shareholders.

The announcement was part of the bank’s stronger-than-expected results for the fourth quarter, in which revenue rose across all five of its main business lines. The lender said it now expects revenue to rise to $83.5 billion to $84.5 billion in 2025, higher than what analysts were anticipating.

The moves sent shares soaring to their highest level in more than three years as investors looked past signs that Chief Executive Officer Jane Fraser is struggling to contain costs.

“2024 was a critical year and our results show our strategy is delivering as intended,” Fraser said in a statement. “We entered 2025 with momentum across our businesses.”

Elsewhere in the results, Fraser lowered a crucial profitability target that is central to her plans to turnaround the bank. The lender now expects return on tangible common equity to be between 10% and 11% by the end of next year, according to a statement.

It had previously forecast the metric would be between 11% and 12% by that time.

Citigroup’s move confirms what analysts have warned: that the lender may find it hard to keep a lid on expenses while it implements a plan to overhaul operations around the world and strengthen internal controls that have frustrated regulators.

The bank said that for 2025, costs will be only slightly lower than the $53.8 billion it spent in 2024 as it makes continued investments in its businesses.

The buyback program is a “clear indication of the continued confidence that we have around the earnings momentum of our franchise,” Chief Financial Officer Mark Mason said on a conference call with journalists. “We’ve got a path on bringing our costs down.”

Fraser told investors in early 2022 that she would need five years to execute her turnaround of Citigroup, the only major US bank worth less than it was a half-decade ago. The bank’s return on tangible common equity in 2024 was 7%. That compares with the 22% that rival JPMorgan Chase & Co. reported on Wednesday.

https://finance.yahoo.com/news/citi-rolls-back-profit-target-130229014.html

908 Device prelims

 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical analysis, today announced preliminary unaudited financial results for the quarter and full year ended December 31, 2024.

Preliminary unaudited revenue for the fourth quarter of 2024 is expected to be approximately $17.2 million, compared to $14.4 million in the fourth quarter of 2023, reflecting reported growth of approximately 20%. Fourth quarter handheld revenues grew double digits on a year-over-year basis and desktop revenues grew double digits on both a year-over-year and sequential basis.

Preliminary unaudited revenue for the year ended December 31, 2024 is expected to be approximately $58.0 million, compared to $50.2 million in full year 2023, reflecting reported growth of approximately 15% and meeting the high end of revenue guidance. Revenue from RedWave Technology, acquired in April 2024, is expected to deliver double-digit pro-forma growth for the full year and meet the Company’s post-acquisition revenue target of approximately $11 million, representing approximately 8 months of ownership.

During the fourth quarter of 2024, approximately $2 million in cash was consumed. Cash, cash equivalents, and marketable securities were approximately $69.5 million (unaudited) at the end of the quarter.

“We are pleased with the momentum our business delivered in the fourth quarter, across both handhelds and desktops,” said Kevin J. Knopp, CEO and Co-founder. “We saw increased demand for our recently acquired handheld FTIR devices, which reinforces our confidence in the multi-year growth trajectory of our expanded handheld portfolio.”

The Company plans to report its fourth quarter and full year 2024 financial results later this quarter, at which time the Company will discuss its 2024 financial results in more detail and provide its outlook for 2025.

https://www.businesswire.com/news/home/20250114986569/en/

Drinking water of 97M Americans contaminated with unregulated chemicals — limit your exposure

 Let this sink in.

Over 97 million Americans have been exposed to toxic, unregulated contaminants in their drinking water that could harm their health, according to a new study that adds to growing concerns about the quality of US tap water.

The Environmental Protection Agency sets legal limits on over 90 contaminants in drinking water. In their new research, scientists at the nonprofit Silent Spring Institute found that 27% of the 4,800 public water systems it analyzed had detectable levels of at least one of four “harmful” kinds of chemicals not regulated by the EPA.

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The nonprofit Silent Spring Institute found that 27% of the 4,800 public water systems it analyzed had detectable levels of at least one of four “harmful” types of chemicals not regulated by the Environmental Protection Agency.Alsu – stock.adobe.com

The chemicals Silent Spring highlighted are:

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• The industrial solvent 1,4-dioxane, a “likely” carcinogen that may cause severe kidney and liver damage and possibly even death with high levels of exposure
• The colorless refrigerant gas chlorodifluoromethane (Freon 22), which can cause severe irritation, headaches, dizziness, lightheadedness, loss of consciousness and even death
• The cleaning solvent and degreaser 1,1-dichloroethane, which may increase the risk of kidney and other cancers with chronic exposure
• Per- and polyfluoroalkyl substances (PFAS), also known as “forever chemicals,” which have been linked to various health concerns, including a higher risk of certain cancers
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Silent Spring crunched EPA data from 2013 to 2015 for its analysis. Study co-author Laurel Schaider, a Silent Spring senior scientist, told The Post that the EPA is doing another round of testing but that data is not available yet.

There are more than 12,000 types of PFAS — and current testing methods cannot detect all of them.

The EPA announced in April that it will begin regulating six types of PFAS in drinking water in 2029 to reduce exposure for 100 million people.

Silent Spring found that Hispanic and black Americans are at higher risk of exposure to contaminants in drinking water since they are more likely to live near pollution sources, such as wastewater treatment plants, airports, military training areas and industrial sites.

The study findings were published Wednesday in the journal Environmental Health Perspectives.

The research follows the identification of a mysterious, potentially toxic chemical byproduct found in treated drinking water consumed by millions of Americans.

How to reduce your exposure to PFAS in drinking water

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Forget #nofilter — there are ways to reduce PFAS exposure at home.Caitlin Thorne Hersey

If you’re concerned about the quality of your tap water, Schaider suggests contacting your local water utility or health department to see if your water has been tested for PFAS and other contaminants.

You can also treat your water at home with one of these two systems:

• Granular activated carbon (GAC) or solid carbon block filters excel at removing long-chain PFAS (like PFOA and PFOS, the two most often found in water) but are less successful at capturing shorter-chain varieties, Schaider said.
• Reverse osmosis is considered the most effective technology for removing a wide range of PFAS, including short-chain chemicals. However, it is the more expensive option and produces a significant amount of wastewater, Schaider added.

“When choosing a filtering system, look for one that is NSF P473-certified or meets the NSF/ANSI 53 standard for activated carbon filters and the NSF/ANSI 58 standard for reverse osmosis,” Schaider noted. “Follow the manufacturer’s instructions and replace the cartridges or membranes as recommended.”

Schaider said bottled water may not be a better option since many bottling companies source their water from municipal water supplies.

There is no federal requirement for them to test or treat their water for PFAS, so you may want to check with your state’s environment or health department to see if any testing was done.

https://nypost.com/2025/01/15/health/drinking-water-of-97m-americans-contaminated-with-unregulated-chemicals-study/