Boston, MA 02/26/2014 (wallstreetpr) – Citigroup Inc (NYSE:C) may have taken high risks in its mortgage lending to emerging markets, thus its housing market tumble. It is emerging that the U.S. lender wrote down more than a quarter of the loan value it extended to is part of the Desarrolladora Homex for real estate development in Mexico. The project failed miserably and Citigroup suffered heartache, reflected in the weaker third quarter earnings. The bank made some $300 million credit back in 2009 to homebuilders targeting emerging real estate in Mexico. But there have been no joy in that business. Analysts believe the already known credit to emerging housing markets could just be the tip of the iceberg of mortgage losses coming to Citigroup Inc (NYSE:C). The stock of Citigroup rose 1.18 percent in the last session to hit $48.40.
EXCO Resources Inc (NYSE:XCO) announced its latest quarterly results Tuesday. The company stated that its loss widened in the latest quarter to $123 million, reflecting 57 cents per share. That compared with loss of $99 million or 46 cents per share that was noted in the same quarter of the previous year. The adjusted fourth quarter earnings per share were 4 cents. Some 10 analysts had a consensus expectation of 7 cents per share. The estimate of analysts usually excludes special items. XCO garnered revenue of $180.44 million, exceeding the $165.31 million generated last year, but falling short of the expected $187.27 million. The stock of EXCO Resources Inc (NYSE:XCO) traded down 2.65 percent to $4.78.
TriQuint Semiconductor (NASDAQ:TQNT) announced that it would join forces with RF Micro Devices, Inc. (NASDAQ:RFMD) in an acquisition deal. It also emerged that TQNT shareholders will be awarded 1.675 shares of the combined company for every share owned. The price at which RFMD announced it would acquire TQNT reflected about 5.4 percent premium of the stock price at which the shares closed before the deal was made public. However, regardless of the price quoted per share in the merger being a premium, TQNT is being investigated to establish if it is maximizing shareholder value in the transaction. Attornies at Harwood Feffer LLP are leading the investigation. The stock of TriQuint Semiconductor (NASDAQ:TQNT) was down 1.2 percent to $11.50 in the previous session.