Posted on 03/10/2009 12:54:56 PM PDT by flyfree
U.S. stocks rose about 5 percent on Tuesday after Citigroup said it was profitable in the first two months of 2009 and a key lawmaker said he expects the restoration of the uptick rule. Citigroup's Chief Executive Vikram Pandit also said in a memo the beleaguered bank was confident about its capital strength. Shares of Citigroup, in which the government recently took a large common equity stake to help shore it up, jumped 35.2 percent to $1.42. Citi's stock has fallen about 80 percent year to date.
(Excerpt) Read more at finance.yahoo.com ...
Dead cat
Well finally the Bull market has returned we just needed Obama to get up to speed I feel great today we are on our way to a brisk recovery now
Barf
Whoop, whoop.
The selling resumes tomorrow!
How much do the bailouts factor into the profitability? It seems odd.
Is because of the billions they just got from the government???
Traders and investors jump on a bandwagon because the CEO of a company that got a bailout “said” the company was profitable for the first two months of the year?
Show us the proof of that in your books.
Sounds exciting, until one sees the stock is still below $2.
Yeah, if someone gave *me* billions of dollars, I’d be in the black too!
I don’t think so. If CITI was profitable, it means they can, in time, buy out the government stake, and maintain the independence (relative) of the banking structure and the threat of nationalization (hopefully). This has artificially depressed the Dow, basically because Obama’s big mouth keeps moving. Granted, if he keeps talking we’ll see another negative 200 day, but CITI’s profit may have shaken some nervousness out.
I agree...does seem odd...one day they are dead, the next day they are "profitable"?
Most likely the downward trend resumes tomorrow.
If they pass mark-to-market we may get a nice little rally though.
When it was all negative Obama said it was like a day to day tracking poll and not to pay attention to it.
I bet he points this out today though, his rule of thumb only counts when it’s going down, not up.
LOL, I know. Earlier the headlines were saying “Citi stocks surge up 35%!” I thought to myself, isn’t that 35 cents?
Exactly, the way they showed how they could turn 1 billion into 5 billion in the run-up to this mess I want to see the hard numbers, not a guy’s word for it.
No, comrade, is because Glorious Leader decree it so!
Regards,
Nothing but blue skies now...
"Soars"...right.
It's up 300 some points after falling 2,500 since The Odiots inaguration.
Soaring like this we can do without...
L
The bond market bottomed last November, that made this inevitable. If it double dips hard enough we might have a relapse, but it will be just as transitory, and just as stupid to extrapolate it into the indefinite future.
Mark to market losses and huge increases in loss reserves are non-cash and one time events, and pretending corporations with positive cash flows running at 11 digit annual rates are bankrupt or will be, is and always has been, sheer pretending.
Gotta disagree. The dead cat bounce and sucker rally happened last week. Check the -volume- for S&P 500 and NASDAQ. Final numbers are still improving as this is being typed.
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