Citigroup Under $1 US

Malibook · Mar 5, 2009

CITIGROUP INC
(NYSE: C)
Real-Time: 0.99 Down 0.14 (12.45%) 11:42am ET

How the mighty have fallen.

NEW YORK (Reuters) - Shares of Citigroup (NYSE:C - News), once the world's most valuable bank, tumbled below $1 on Thursday, taking its year-to-date drop to 85 percent.
Citigroup, a Dow component, fell more than 13 percent to an intraday low of $0.98, hammered by continued fears over the bank's health and ability to avert nationalization.
About two years ago, Citi's market value was above $270 billion. Today its market cap is a little over $5.4 billion.
http://biz.yahoo.com/rb/090305/business_us_markets_stocks_citigroup.html

chiller_boy · Mar 5, 2009

Malibook said:
CITIGROUP INC
(NYSE: C)
Real-Time: 0.99 Down 0.14 (12.45%) 11:42am ET

How the mighty have fallen.

NEW YORK (Reuters) - Shares of Citigroup (NYSE:C - News), once the world's most valuable bank, tumbled below $1 on Thursday, taking its year-to-date drop to 85 percent.
Citigroup, a Dow component, fell more than 13 percent to an intraday low of $0.98, hammered by continued fears over the bank's health and ability to avert nationalization.
About two years ago, Citi's market value was above $270 billion. Today its market cap is a little over $5.4 billion.
http://biz.yahoo.com/rb/090305/business_us_markets_stocks_citigroup.html

I wonder if it will be removed from the Dow, and more importantly, who will replace it. Whoever it is will have index funds snapping up its stock. Google? Maybe 'ALL FOR A DOLLAR' as they would be more in keeping with the current economy and citigroups financial bent.

red · Mar 5, 2009

its hard to resist at that price.

rafterman · Mar 5, 2009

Buying opportunity of a lifetime....or not.

WoodPeckr · Mar 5, 2009

I'm gonna wait for that 'dead cat bounce' bottie mentioned, before buying!...

Rockslinger · Mar 5, 2009

This must be a 100 year low. Yes? No?

Is the market cap of National Bank higher than Citigroup?

Mia.Colpa · Mar 5, 2009

red said:
its hard to resist at that price.

Oh no it's not, stocks can become worthless. Northern Telecom came damn close, might still be if the restructuring doesn't work out. Nothing is safe any more.

BottomsUp · Mar 5, 2009

Keep in mind uncle sam owns a huge portion of Citi common now. Don't think they want it at zero.

Mia.Colpa · Mar 5, 2009

BottomsUp said:
Keep in mind uncle sam owns a huge portion of Citi common now. Don't think they want it at zero.

Some middle east Shiek pumped millions into Citi, didn't think they would let it drop as much as it did, but they let it run.

Look at how many billions the government pumped into GM and now they're talking about Chapter 11, I repeat, nothing is off the table, these are unusual times.

Malibook · Mar 5, 2009

BottomsUp said:
Keep in mind uncle sam owns a huge portion of Citi common now. Don't think they want it at zero.

Uncle Sam has given C $45 billion (and counting) plus taken on over $300 billion in troubled loans.
All this for a minority stake in a company with a market cap of less than $6 billion.

Gyaos · Mar 6, 2009

red said:
its hard to resist at that price.

Oh yes it is. Blockbuster was that price and is now $.22 filing for bankruptcy. Pioneer is that price and is ready on the outs. I'd resist the largest bank in the world, nationalized by 36% from the US Government, about to fail the "stress test" on a 57% dilution value (not including the preferred swap for common stock), when it was once a $50.00 stock. It wasn't long ago, some terrific TERB members were boasting about the stock at $22.00, Citi was the world and called to buy like no tomorrow. I can't find that thread....AHH!

The US Government in its current form definitely wants to see Citi go to zero. They want it split up to look like a chain of drug stores.

I'd seriously resist and watch it go to $.20. Unless you want to short the stock at $1.00, which could be very costly and very volatile, either way.

Gyaos Baltar.

Malibook · Mar 6, 2009

C common shares going to $.50 or zero is totally irrelevant.
The final $5.7 billion in market cap disappearing is a drop in the bucket.
C is fucked and will end up costing future taxpayers several hundreds of billions of dollars.

KBear · Mar 6, 2009

If Citi Group were to stop trading, and file for Chapter 11, would the stock become valueless?

danmand · Mar 6, 2009

KBear said:
If Citi Group were to stop trading, and file for Chapter 11, would the stock become valueless?

During a chapter 11 bancruptcy, almost certainly

WoodPeckr · Mar 6, 2009

danmand said:
During a chapter 11 bancruptcy, almost certainly

Thoughts of this is killing GM stock also which is trading at $1.44 right now....

onthebottom · Mar 6, 2009

WoodPeckr said:
I'm gonna wait for that 'dead cat bounce' bottie mentioned, before buying!...

I just don't know, and since I don't I'm staying on the sidelines.....

OTB

Malibook · Mar 6, 2009

Play the bounces but don't get caught.
It's sort of like a game of musical chairs and you don't want to be one of the ones holding when the music stops.

The markets are due for a bear market rally but the more more people expect it, the more elusive it proves to be.

I have heard they are thinking about getting rid of mark to market, which I think is ludicrous.
This could be a trigger for a powerful rally.
If a bank bought something for $1 and now it is selling for $.20, I want to see $.20 on their books, not the distant $1 fantasy dream.
Chances are more likely that it will soon be less $.20, not more, and certainly not 5 times more.

onthebottom · Mar 6, 2009

Malibook said:
Play the bounces but don't get caught.
It's sort of like a game of musical chairs and you don't want to be one of the ones holding when the music stops.

The markets are due for a bear market rally but the more more people expect it, the more elusive it proves to be.

I have heard they are thinking about getting rid of mark to market, which I think is ludicrous.
This could be a trigger for a powerful rally.
If a bank bought something for $1 and now it is selling for $.20, I want to see $.20 on their books, not the distant $1 fantasy dream.
Chances are more likely that it will soon be less $.20, not more, and certainly not 5 times more.

They are thinking about it, and my friends who are reformed examiners think it's a good thing... I'm not so sure.

OTB

red · Mar 6, 2009

I bought $20K worth. Its risky and I may have lost that but so what.

Malibook · Mar 6, 2009

C could be good for a nice percentage bounce but I just can't see myself rooting for this incompetent insolvent POS company.

I'd rather pick up some INTC and CSCO which are at or near fresh multi-year lows.

Citigroup Under $1 US

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