Today's Volume Leaders: Citi, SPY, BofA, and Sprint (C, BAC, SPY, S)
Volume on the major exchanges is light today but as usual leading the charge is Citigroup Inc. (NYSE:C) followed by the SPDR S&P 500 (ETF) (NYSE:SPY), Bank of America (NYSE:BAC) and Sprint (NYSE:S).
Brazil blew it by rejecting an offer to buy 30% of Citigroup (NYSE:C) as the bank tried to raise capital in the crisis, the country's energy and mines minister says. “We made a mistake,” says Edison Lobao. “We could have bought it and made a big profit. It was a lost opportunity, but I think any prudent government would have been cautious."
Brazil could have picked up Citi on the cheap, under $1 a share, today shares of Citi are at $4.24
The SPDR S&P 500 (ETF) (NYSE:SPY) is trading near its 52-week high of $111.74, shares are flat heading into the afternoon at $110. Henry Blodget believes the Markets Are 20% Overvalued; and its Time to Short The SPY (click to read Bezinga.com article).
Today's volume leaders are the following:
|SPY||S&P DEP RECEIPTS||110.70
|BAC||BK OF AMERICA CP||16.14
|S||SPRINT NXTEL CP||3.80