Thursday, Mar 05, 2009
“You can finally buy Citigroup shares at the dollar store,”
Bloomberg: Citigroup Stock Below $1 as Investor Faith Erodes (Update1)
March 5 (Bloomberg) -- Citigroup Inc., once the world’s biggest bank by market value, dropped below $1 in New York trading for the first time as investors lose confidence the shares can recover after more than $37.5 billion in losses and a government rescue.
Citigroup fell to $1.03 at 12:32 p.m. on the New York Stock Exchange after reaching 97 cents earlier today, marking an 85 percent decline this year and giving the New York-based company a market value of $5.5 billion. At its peak in late 2006, Citigroup stock was worth $55.70, for a market value of $277.2 billion.
NYSE Euronext, which owns the New York Stock Exchange ?????????, has suspended until June 30 a rule that delisted companies trading below $1 after six months.
Posted by troy @ 07:15 PM (484 views) Add Comment
2 Comments
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1. peter_2008 said...
"Citigroup, run by Chief Executive Officer Vikram Pandit, is now the 184th biggest bank by market value, behind Malaysia’s Bumiputra-Commerce Holdings Bhd and Turkey’s Akbank TAS, in which Citigroup owns a 20 percent stake, according to data compiled by Bloomberg."
LOL
I only wish HPC can repeat this beauty.
2. English Truckdriver said...
I use Citigroup based on a varied life experience and believe the bank has to find a way to mass maket it's products to return to profitability. I fear if US tax rises are not limited there may be serious world problems.