Citi Drifts Lower
Posted in pre-marketOctober 7th, 2009
Citigroup, Inc. (NYSE: C) is trading lower this morning on Financial Times reports that it now wants to just sell its Phibro commodities unit. This move could potentially get it out of the controversy over the $100 million pay demand from its top trader and out from under the Pay Czar criticism. It could also raise hundreds of millions of dollars for the parent company. At 8:18 AM EST we have over 2 million shares traded hands and the stock is down 0.5% at $4.65. This might not seem much compared to the hundreds of millions of shares, but it is one of the more active stocks. J. OGG
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