What's a Dollar Worth? More than Citi

A share of Citigroup (C) has crossed an almost unimaginable threshold, going below a dollar. This is the first time in Citi’s formerly proud history that the company has stooped to the status of a “penny stock”. Matt Nesto broke the news at 11:27 am saying,

“I’m Matt Nesto at the breaking news desk. The original financial supermarket just breached $1. Citigroup trading to 99 cents and this is a bank that once traded for $57 at the high in December of 2006. The market cap north of $300 billion.”

The worst part about this news is that fact that the U.S. taxpayers own 36% of the company. Citi may again the subject of forced trading as some institutions may have rules about investing in stocks down below the $1 threshold. The stock is trading down more than 13%, as other financial names like Barclays (BCS) and Wells Fargo (WFC) are also experiencing hard sell offs.

Original post

Comments

[IAMNEXIALIST:]

Citi has failed, notwithstanding the fact it is too big to fail. There's just no one willing to write the epitaph!

Mar 05 01:47 PM

[xsellside:]

The chart has a gap down from $2.46 to $1.50 (Thursday>Friday). What do you chartists make of it?

Mar 05 02:36 PM

[Dante311:]

I still remember back when everyone was spouting how great Citi was about 3-4 years ago. It is almost impossible to imagine what the future landscape of banking and finance will be as it doesn't look to include many of the banks that have been part our vernacular for so long. It really begs the question of if this sad day for some is the beginning of great opportunites for others.

Mar 05 02:50 PM

[manya05:]

Let's see if it gets delisted. I say we bend a rule or two here. Nothing wrong about cutting some slack among friends...

Mar 05 02:53 PM

[johnnysize:]

Just convert

Mar 05 03:08 PM

[Pent up demand:]

They will not be delisted. The rules don't apply anymore. Maybe a market historian could tell us if there has ever been a company with the vaunted single letter ticker symbol trading in the pinks?

Mar 05 03:08 PM

[reveigel@ms...:]

What's our government's net worth?

Mar 05 03:28 PM

[Abe Mishima:]

OK, if C goes BK, it cannot come back as CC since that is taken (down, I might add), but C2 is possible. Best ticker symbol after reorganization would be CRAP, although there is a CRAP on the Paris exchange. Brilliant idea- let's start a contest to rename the trading symbol, after BK and reorg. Interim-wise, C.PK would be damaging to capitalism, BUT, everyone would forget it in a year.

Mar 05 03:30 PM

[Bocaboym22:]

As for delisted. . . all they have to do is reverse split the stock, but that would just make the shorters have more to short. SHORTING stocks should be illegal. There is no real logic to negatively investing in a company. But if it is legal, can anyone tell me an ETF that would 3X leverage the loses of the ticker symbol USGOVT. . . haha

Mar 05 03:30 PM

[optimal90:]

This is great time to invest in financial, automobile, and other industries STOCKS. If you can afford it, buy them now and wait. President Obama's administration is focused on our economic crisis.
I still see great deals out there. Invest as much as you can afford now.
Citi goes no where. C, BAC, and others are selling at great recessionary discounts at the moment. Tides will turn for good fortune for those who believe.

Mar 05 05:18 PM

[User 370721:]

obama and his marxist adm. is the problem. no tranmsparency


On Mar 05 05:18 PM User 370602 wrote:

> This is great time to invest in financial, automobile, and other
> industries STOCKS. If you can afford it, buy them now and wait. President
> Obama's administration is focused on our economic crisis.
> I still see great deals out there. Invest as much as you can afford
> now.
> Citi goes no where. C, BAC, and others are selling at great recessionary
> discounts at the moment. Tides will turn for good fortune for those
> who believe.

Mar 05 09:17 PM

[Dave Wrixon:]

Only if you believe Uncle Sam is going to give you a free ride.


On Mar 05 05:18 PM User 370602 wrote:

> This is great time to invest in financial, automobile, and other
> industries STOCKS. If you can afford it, buy them now and wait. President
> Obama's administration is focused on our economic crisis.
> I still see great deals out there. Invest as much as you can afford
> now.
> Citi goes no where. C, BAC, and others are selling at great recessionary
> discounts at the moment. Tides will turn for good fortune for those
> who believe.

Mar 06 01:10 AM