Posted on 03/05/2009 10:03:19 AM PST by marshmallow
Shares of the embattled financial firm dip below $1 a share, as investors continue to have a dire outlook for the bank.
NEW YORK (CNNMoney.com) -- Citigroup logged another dismal milestone Thursday, as shares of the beleaguered bank slipped below $1 a share.
The move, which may have seemed unthinkable just months ago, came as the broader market fell once again toward new 12-year lows due to worries about the health of the banking sector and the broader economy.
Citigroup (C, Fortune 500) shares were hovering at about 99 cents in midday trading on the New York Stock Exchange, 12% lower than where they closed on Wednesday. It is the lowest level for the bank's stock since Citicorp and Travelers Group merged in 1998 to create Citigroup.
At its height, Citigroup stock traded around $57 a share. That was in December of 2006, just months before subprime mortgages began to become problems and the credit market unraveled.
But fears about Citigroup's exposure to soured mortgages and other consumer loans have sent shares plummeting this year, wiping out billions of dollars in shareholder value as a result.
The bank reported losses of nearly $28 billion last year and investors remain worried that the bank will continue to lose money as the economy weakens.
(Excerpt) Read more at money.cnn.com ...
From $57 to $0.99.
How the mighty have fallen.
Amazing — my online broker will have a penny stock acknowledgement for a buy on C and BAC; two DJIA 30 componnents. “May you live in interesting times.” [Ancient Chineese Curse]
Yeah I bought in at 44, and then bought again at 46. Way to go guys!
I thought they “delisted” a company from the NYSE once they were under a buck. Years ago we owned Delta, and once it went under a dollar, I believe it was delisted. Anybody know what the guidelines are?
Those bastards bought my mortgage and have been nothing but a pain in the ass to deal with.
That was one of NASDAQ’s requirements but it was lifted after 9/11, I believe. Not sure if it was ever reinstated.
Also NYSE, forgot to mention.
Thanks, was just wondering how low it would go till some action was taken.
/extreme sarcasm!
Great. Don’t the taxpayers own a bunch of this garbage? Another great “investment” made by the government.
Bye, bye, bye is probably more appropriate.... :-)
I owned it at 26 ... pretty much my life savings ... poof
Kill it and GM. Let Soro’s and his buddies buy them with their money. UAW should take stock for wages and benefits for GM.
NYSE more or less eliminated the $1 stock price requirement about two weeks ago. Pretty convenient, huh.
I posted here a couple of times that they’d be replacing C, BAC, and/or GE in the DJII pretty soon. Now I’m not so sure. Why replace C at this point when it can go to zero and not lower the DJII?
GE’s actually looking like a good deal at just over six bucks, considering it was almost 40 a share a year ago. I mean, Obama’s gonna buy a whole lot of wind turbines, isn’t he?
That said, I sold my shares of GE at about 22 last fall and I’m not sorry.
Citigroup will be paying $20 million a year for the naming rights (NY Mets) to the park over the next 20 years.
The deserve to fail.
I was thinking that all of the sponsered names on all of the Ballparks and stadiums might soon go back to their original names.
That would be nice.
Well aren’t you silly...they’ll be renamed after famous liberal politicians.
Obama Field, Pelosi Park, Franken Stadium...
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