Michael...You said you bought Citigroup at $1.49. Wish I had too. It's over $3 now. Do you think it's still a good buy?
JJ
Citigroup is finalizing plans to seek shareholder approval to boost its share authorization to 40 billion shares or more, from the current 15 billion shares, the paper said, citing two people familiar with the matter.
Citigroup is requesting the overhang in large part to pay out equity-based compensation, people familiar with the matter told the paper.
Spokesmen for Citigroup and Morgan Stanley declined to tell the paper exactly how much stock they would need for future compensation payments. Citigroup and Morgan Stanley could not be immediately reached for comment by Reuters.
So that could be a good thing. Hope so anyway cuz I just bought it.
To be honest man, I am not the guy to ask. I did this basically on a whim because the funds I owned were consistently losing money month after month.
I figured Citigroup wasn't going anywhere when I looked at my credit card statement and they told me my interest rate was going up.
I'm still confident in their solvency but I'm the wrong guy to ask about value.
I'll tell you one thing, if something happens to punch it back down closer to $2 I will buy a crapload more.
johonny did u see where shares are going to go from 15 billion to 40 billion ......thats real bad ... thats dilution!
AP
Citigroup plans reverse stock split
Thursday March 19, 9:26 am ET
Citigroup plans to increase number of common shares, execute reverse stock split
NEW YORK (AP) -- Citigroup is planning to increase the number of its common shares outstanding and execute a reverse stock split as part of its effort to convert preferred shares to common shares.
As announced late last month, Citi is seeking to exchange about $27.5 billion in public and private preferred securities as part of its agreement with the Treasury Department, which has pledged to match up to $25 billion of the conversions.
The deal represents the government's third attempt in five months to prevent the beleaguered banking giant's collapse.
IF I WERE U GUYS WATCH THIS CLOSELY AND PUT STOP LIMITS ON LOSSES
IN CASE U DONT KNOW ....AS IN MIKES CASE OF 3000 SHARES ....HE WOULD NOW HAVE 1500 BUT THE SHARE PRICES WOULD DOUBLE .....KEEP WATCHING!
Citigroup will also seek shareholder approval to conduct a reverse stock split. It proposed seven possible exchange ratios, ranging from 1-for-2 to 1-for-30. It said a split could take place before June 30, 2010.
Reverse splits reduce shares outstanding and are often used to boost low share prices. The value of investors' holdings does not change. Citigroup and its predecessors conducted seven regular stock splits between 1993 and 2000, but none since.
Day's Range: 2.60 - 3.89 ......... days rage 1.29 .....not good!
52wk Range: 0.97 - 27.35
Volume: 1,241,069,759 ................. thats huge on the downside .....sell asap
Avg Vol (3m): 369,623,000
Market Cap: 14.24B
P/E (ttm): N/A
EPS (ttm): -5.587
Div & Yield: 0.04 (1.60%)
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