Citigroup Shares Back Under $4, Again
Submitted by WSN_Staff on Mon, 11/02/2009 - 17:52.
Citigroup Inc. (NYSE:C) shares lead the volume of shares traded today but also managed to finish the day at $3.99 and fell another 2 cents after hours. Citi shares haven't been under $4 since August and since Oct 14th they are down 17%.
Today the fall of Citi is being pinned on analyst Richard Bove who said that Citigroup Inc. (C) isn't the bank in the too-big-to-fail group, "in reality, Citigroup does not exist any longer." Like other firms, after its "near-death experience," Citi has built its cash hoard - to $244 billion, nearly double that of a year ago.
Keep in mind Richard Bove said back on Oct 15th that "Citigroup (C) the potential to reach $20 a share, and if so the stock can triple in two to three years, Bove told “Squawk Box.”
During that interview Dick Bove also said that Goldman Sachs (NYSE:GS) is the best-mangaged firm in the financial sector and Citigroup Inc. (NYSE:C) stock is the cheapest.
Let's face it, if you are going to trade Citi -- expect volatility.
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