I think the last ditch effort of selling the best brokerage “Smith Barney” out there is futile. They will be nationalized within a month.
Posted by invester on :
HSBC will be a single digit stock as well. They need to raise $30 billion. Great short.
Posted by invester on :
Looks like the banks are going to get rid of the bad assets after all. I'm now a buyer of BAC and C.
Posted by wallstplaya on :
LIQUIDATING
Posted by wallstplaya on :
How low will it go?
Posted by wholesaledealer on :
I'm in at 1.67!! Watch it go up from here
Posted by wallstplaya on :
WOW 840M!!
Posted by wholesaledealer on :
More at a 1.61
Posted by wallstplaya on :
Tanking hard!!
Posted by wallstplaya on :
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.
Posted by wholesaledealer on :
I'm in for 1200 over the day. Hope all goes well!!!
Posted by wallstplaya on :
This may make a good hold for a couple years. Bound to recover at least 10 fold, IMO.
Posted by crazytrade on :
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
Posted by wallstplaya on :
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?
Posted by crazytrade on :
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.
Posted by wallstplaya on :
Uptick this morning!!
Posted by Bob Frey on :
Looking at getting in this am for a quick 10 - 20 percent.
Posted by Lockman on :
Oversold, nice pinch froming. GL Bob.
Posted by wallstplaya on :
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!!
Posted by Bob Frey on :
In * 1.26
Posted by wallstplaya on :
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
Posted by wallstplaya on :
Big jump this morning-up 21%!!
Posted by invester on :
In C at $1.08 In BAC at $3.98 In MS at $19.20
Posted by wallstplaya on :
Should gap this morining to cover shorts.
Posted by wallstplaya on :
Citi is cookin'!!
Posted by Bob Frey on :
Crap! Got taken out at 2.50 this am forgot about the order.
Posted by wallstplaya on :
On fire right now!!
Posted by wallstplaya on :
More green for CITI!!!
Posted by wallstplaya on :
ChaaaaaChing!!
Posted by wallstplaya on :
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.)
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Dow Jones Newswires 03-18-09 1322ET Copyright (c) 2009 Dow Jones & Company, Inc.
Posted by Lootcifer on :
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
Posted by wallstplaya on :
Big jump this morning!! Wooooow Posted by wallstplaya on :
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!!
Posted by PJ the Slug on :
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.
Posted by BooDog on :
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. Posted by BooDog on :
a couple edits...
kinda like a cup and handle eh?
Posted by BooDog on :
quote:Originally posted by BooDog:
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.
Guess premarket is heating up... Pre-Market: $ 3.21 0.59(+22.52%) Volume: 445.47 k
Pre-Market Last: $ 3.21 Pre-Market High: $ 3.23 Pre-Market Volume: 514,273 Pre-Market Low: $ 2.83
Posted by wallstplaya on :
It's going to be hot!! 3.25 is the trigger right now, IMO. BooDog, I agree with the cup and handle with the handle still forming.
Posted by wallstplaya on :
Gonna come out like a rocket at the bell-PM 3.26/3.27. $5.00 by the end of the quarter, hopefully.
Posted by lostone on :
well, could go either way, ppl are waiting on toxic asset buyout plan... so it's a gamble
Posted by wallstplaya on :
Good money today!!
Posted by wallstplaya on :
Pre-Market up 10%
Posted by wallstplaya on :
2.68 now, 2.95 pre-market up 10%
Posted by micromavin on :
check out CHDO's news. Company growing incredibly fast. Recent product placements in Targer
Posted by micromavin on :
I'm watching CHDO build revenues at 150%. Just put products in Sams, Staples. What a steal at a penny!
Posted by wallstplaya on :
quote:Originally posted by micromavin: I'm watching CHDO build revenues at 150%. Just put products in Sams, Staples. What a steal at a penny!
OK I checked it out and looks like a POS!! Move your post over to Micropenny!!
Posted by wallstplaya on :
Citi putting on some moves!! Citi today announced that Mike Corbat has been named CEO of Citi Holdings, a significant part of Citi that includes brokerage and asset management, local consumer finance and a special asset pool. Mr. Corbat has served as interim CEO since Citi's announced realignment into Citicorp and Citi Holdings on January 16, 2009.
In this role, Mr. Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to thoughtfully evaluate and set the strategic course for these businesses, while tightly managing risks and losses and maximizing the value of these assets.
Mr. Crittenden said, "Mike Corbat is a terrific business manager and a great partner. In a short time, Mike and the team have done excellent work, and I couldn't be more pleased to have him move into the CEO role on a permanent basis."
"With more than 25 years at Citi in a variety of leadership roles, Mike brings a tremendous amount of experience, insight and energy to this post," said Citi CEO Vikram Pandit. "Mike will work closely with us to accelerate our assessment of strategic opportunities for these businesses, as we also seek to optimize their performance through this challenging market environment."
Mr. Corbat most recently served as the CEO of Citi's Global Wealth Management unit. Prior to this, he was Head of the Global Corporate Bank and Global Commercial Bank at Citi, a role in which he led the firm's efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions around the world. Previously, Mr. Corbat was Head of Global Emerging Markets Debt, responsible for the origination, trading and sales of emerging markets fixed income debt. Mr. Corbat joined the Company in 1983 and has worked in Atlanta, New York and London.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
SOURCE: Citigroup Inc.
Citigroup Inc. Media: Susan Thomson, 212-783-3411 Michael Hanretta, 212-559-9466 or Investors: Scott Freidenrich, 212-793-2267 or Fixed Income Investors: Craig Leslie, 212-793-8090
Posted by wallstplaya on :
![[Were Down]](graemlins/weredown.gif)
![[Eek!]](eek.gif)
