Citigroup Giving It Up Further (C)

Posted in after-hours 
December 16th, 2009

Citigroup Inc. (NYSE: C) is getting blasted in after-hours trading.  Citi closed down over 3% at $ $3.45 on the day in regular trading, and (update at 6:02 PM EST) shares are down 5.2% at $3.26 PRIOR was shares are down 2.9% at $3.35 on 84,880,018 shares traded since the closing bell alone.  Citi was just at $3.95 last Friday and was around $4.10 to $4.20 before this came up over the TARP repayment.

CNBC gave the news that the deal is indicated down at 3.15 for a pricing and that the government will now not be selling $5 billion in shares because this is under the $3.25 it is in at.  CNBC also just interviewed analyst Dick Bove of Rochdale Securities and he called this offering “terrible” and a deal which will only add pressure on Vikram Pandit.

We said it before and we say it again, this was the right move at the wrong time and at the wrong price.

JON C. OGG

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