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Author Topic: C "Citi" will be nationalized
invester
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I think the last ditch effort of selling the best brokerage “Smith Barney” out there is futile. They will be nationalized within a month.
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invester
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HSBC will be a single digit stock as well. They need to raise $30 billion. Great short.
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invester
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Looks like the banks are going to get rid of the bad assets after all. I'm now a buyer of BAC and C.
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wallstplaya
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LIQUIDATING

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wallstplaya
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How low will it go?

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wholesaledealer
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I'm in at 1.67!! Watch it go up from here

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Get Rich! Obama will take it!!

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wallstplaya
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WOW 840M!!

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wholesaledealer
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More at a 1.61

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Get Rich! Obama will take it!!

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wallstplaya
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Tanking hard!!

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wallstplaya
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Maybe 2B shares every day for the next week will give them $35B? Hard to believe this was trading at $50.00 not too long ago.

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wholesaledealer
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I'm in for 1200 over the day. Hope all goes well!!!

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Get Rich! Obama will take it!!

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wallstplaya
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This may make a good hold for a couple years. Bound to recover at least 10 fold, IMO.

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crazytrade
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quote:
Originally posted by wallstplaya:
Maybe 2B shares every day for the next week will give them $35B? Hard to believe this was trading at $50.00 not too long ago.

HUH? lol
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wallstplaya
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Oh well, I got my buy in at $1.45 (not a huge position) I can't believe the volume-WOW. Is this how TARP funds get spent- purchasing a couple billion shares? Anybody a expert on this topic?
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crazytrade
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quote:
Originally posted by wallstplaya:
Oh well, I got my buy in at $1.45 (not a huge position) I can't believe the volume-WOW. Is this how TARP funds get spent- purchasing a couple billion shares? Anybody a expert on this topic?

It's nothing complicated. there are plenty of articles on yahoo finance for C to read.
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wallstplaya
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Uptick this morning!!
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Bob Frey
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Looking at getting in this am for a quick 10 - 20 percent.
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Lockman
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http://stockcharts.com/h-sc/ui?s=C&p=D&yr=1&mn=0&dy=0&id=p68156517963

Oversold, nice pinch froming. GL Bob.

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wallstplaya
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Well I'm actually surprised at the RSI-I guess because of dilution due to calculated losses. Hopefully this will start moving out of the basement!!
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Bob Frey
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In * 1.26
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wallstplaya
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I though this PR was brilliant!!

12:26 PM ET 3/5/09 | Marketwatch
RELATED QUOTES

12:47 PM ET 3/5/09
Symbol Last % Chg
C
1.03 -8.85%
BAC
3.27 -8.91%
NYX
15.29 -6.54%
Quotes delayed at least 15 minutes

NEW YORK (MarketWatch) -- The government may be concocting a stress test for the U.S. banking system, but Citigroup Inc. and Bank of America Corp. already are flunking the one the market is giving them.

Shares of Citigroup (C) fell to an all-time low of 98 cents a share in late-morning trading Thursday. Bank of America (BAC) shares fell 11% to $3.20. The good news for Charlotte, N.C.-based B. of A. is that it's still higher than its 52-week low of $2.53.

For Citigroup, the danger is more about continuing humiliations. The forces driving down Citi have been well known for days. As David Trone, Fox-Pitt Kelton's banking analyst put it, the government's recent bailout will result in "maximum dilution."

Investors have been exiting the stock in a quick but orderly fashion. Now, the financial-services conglomerate, which was once the most valuable and profitable on Earth, is facing a potential delisting by the New York Stock Exchange.

NYSE Euronext Inc. (NYX) officials did not immediately return calls seeking comment.

Citigroup is also now the nation's most famous penny stock.

Bank of America continues to fight investors' lack of confidence in its balance sheet and in its leadership. The CTW Investment Group, a lobbyist for union pension funds, on Thursday called on the bank's CEO, Ken Lewis, to resign.

"Removing Mr. Lewis is now a necessary prerequisite to restoring BAC's credibility with shareholders, regulators and the public," CTW said in a statement. "If the board refuses to remove Mr. Lewis, CTW will call on shareholders at Bank of America's annual meeting in April to vote against the re-election of Mr. Lewis."

U.S. banks are now an afterthought for many investors seeking short-term gains. The two names at the top of the list are scraping the bottom when it comes to value.

--David Weidner

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wallstplaya
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Big jump this morning-up 21%!!
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invester
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In C at $1.08
In BAC at $3.98
In MS at $19.20

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wallstplaya
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Should gap this morining to cover shorts.
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wallstplaya
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Citi is cookin'!!
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Bob Frey
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Crap! Got taken out at 2.50 this am forgot about the order.
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wallstplaya
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On fire right now!!

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wallstplaya
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More green for CITI!!!
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wallstplaya
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ChaaaaaChing!!

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Don't fall in love with a stock!

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wallstplaya
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John Jannarone
DOW JONES COLUMN

First, Citigroup (C) burned shareholders. The stock slumped in late February after the bank's offer to swap $27.5 billion of preferred securities for common stock.
Thanks to relatively sweet conversion terms, investors holding the preferreds could short the common stock to lock in a likely profit. That lured in a flood of arbitragers and pummeled the shares.
But now it is short sellers in the hot seat. Citi's shares have tripled since March 5. Even with shorts now willing to pay through the nose to borrow stock, the supply has virtually dried up.
The result: a short squeeze exacerbated by a series of bullish comments from banking executives. Some arbs - facing mark-to-market losses and fearing that brokers might force them to return borrowed stock - have rushed to buy shares and close their positions.
That has made the trade even juicer. Last Friday, one share of Citi's 8.125% Series AA preferred securities could be bought for $12, but was exchangeable for a fixed 7.3 shares of common stock worth $13. Now the preferreds are worth $13, but 7.3 shares of common are worth $22.
The spread implies an absolute return of around 70% in a matter of weeks if Citi sticks to its plan. Risks include a change in the terms if, say, the government decides to take a larger equity stake.
A few arbitragers are still playing. A large prime broker said Tuesday that a client borrowed 5 million Citi shares at an annualized interest rate of 120% to go short. At those rates, Citi shareholders might decide lending their out their stock isn't such a bad idea after all.

(John Jannarone is a reporter for Heard on The Street. He most recently was a reporter covering capital markets in Singapore. He can be reached at 212-416-4261 or by email at john.jannarone*wsj.com)

(TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas*dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.)

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=YP4aEomnnr3fVmx9HToUdQ%3D%3D. You can use this link on the day this article is published and the following day.

Dow Jones Newswires
03-18-09 1322ET
Copyright (c) 2009 Dow Jones & Company, Inc.

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Lootcifer
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Wow no shares left to short, short sellers have barely no time left to cover. Man this stock is exploding through the roof with the rest of the banking sector. What a perfect storm.

The smell of a short squeeze, I love it.

But I do feel sorry for whoever shorted this stock and has to scramble to cover at this rate. God speed man

[Were Down]

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wallstplaya
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Big jump this morning!! Wooooow [Eek!]
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wallstplaya
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Well ended up black candlestick at the close. Could go either way today. I'm betting on the bullish pattern again in the early market with the pre-market uptick but I think 2.60 is the benchmark today. They're talking R/S to get into the Mutual Market above 5.00 however a number of preferred shares are still going for 3.25-I imagine. It should be a good ride!!
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PJ the Slug
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I am so upset that I slept in Thursday morning!! I missed my chance to sell my shares when it was $3.89. I paid $1.93 for them. I won't make that mistake again. I have a stop limit order placed to execute at $3.89 with a limit of $3.87.
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BooDog
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quote:
Originally posted by PJ the Slug:
I am so upset that I slept in Thursday morning!! I missed my chance to sell my shares when it was $3.89. I paid $1.93 for them. I won't make that mistake again. I have a stop limit order placed to execute at $3.89 with a limit of $3.87.

This is what I see. A chance to dip below 2 is pretty slim though I will be watching to see how close it can get to 2, my radar doesn't see it dipping much below 2.5. Some resistance at 3 but that could be eaten up even in pre market - though doubtful. The heavy resistance is at 4 which was almost tested. IMO people are pretty hesitant to hold over a weekend after getting fried on so many Friday after hour shenanigans from the fdic. I wasn't watching this one very close Friday because its volatility wasn't all that great (imo) but it didn't dip like some of the others (BAC, MBI, MI). I'm a swing trader so I would be looking to break that 4 resistance and perhaps have a trailing stop rather than a stop. That $4 resistance gives then we could be looking at a decent run. Certainly keep the stop loss rules in place. Just another look and only my opinion.
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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

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