Citigroup, trying to arrest the sharp slide in its stock price, may look for a possible merger partner or take other steps to raise cash, senior officials told CNBC.
In this feature the traders reveal some of their best trade secrets. Find out how Zach Karabell has been playing Citigroup. Will his moves work for you?
What’s the old tag line. The Citi never sleeps. Well the stock is certainly keeping investors up nights!
Stocks plunged yet again on Thursday, sending the S&P 500 to its lowest level since 1997 – and completely erasing more than a decade of stock market gains.
Stocks plunged Thursday as anxiety about the economy and the government's wheel-spinning on the auto bailout and TARP plagued the market throughout the day, culminating in a massive final hour selloff. The Dow ended below 7,600, a more than five-year low. The S&P closed at an 11 1/2-year low.
Volume was heavier; instead of a low volume, high volatility sell-off, this was an old fashioned high volume, high volatility sell-off; in other words, sellers materialized.
Citigroup's stock plunged below $5—a 13-year low—but the banking giant's troubles may be just beginning.
The latest job cuts in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.
The Big 3 U.S. automakers may have reached a bailout compromise Thursday — or not. Citigroup shares hover near $5, even after mega-investor Saudi Prince Alwaleed bin Talal said he'd boost his Citi stake to 5 percent. Strategists told CNBC to expect more volatility — and no bottom for months yet.
Volatility in financial stocks, particularly Citigroup and Merrill Lynch, remains very high, according to Rebecca Darst, equity options analyst with TheStreet.com.
Stocks wobbled as key lawmakers said an auto bailout deal might have to wait until December.
Stocks opened sharply lower Thursday as jobless claims hit a 16-year high, exacerbating anxiety in the market about the faltering auto bailout and uncertainty about the TARP plan.
Futures tumbled Thursday after jobless claims jumped to a 16-year high. This followed Wednesday's crushing selloff that saw the Dow close below 8,000 for the first time in more than five years.
Traders like to remind me that the definition of insanity is doing the same thing over and over again and expecting a different result. So it is that plans by Saudi Prince Alwaleed bin Talal to raise his investment in Citigroup are being greeted with open skepticism on the Street.
You could hear the screams on Wall Street (and perhaps a few sighs of relief that the bloodletting was over -- for today at least) when the Dow closed down 427 points -- to a level BELOW 8,000 for the first time in over five years. The market's in "critical condition," says Cramer, and likens it to a "hospital emergency room."
There is no joy on Wall Street, and frankly, the mood is getting worse. On Wednesday, stocks hit a 5-1/2 year low on waves of selling stemming from a meltdown in financials. The group was down nearly 12%, with some big names like Citigroup at shocking lows.
The Dow tumbled on Wednesday closing below the psychologically important 8,000 level for the first time since March 2003.
Stocks plunged to a more than five-year low amid worries about the fate of the auto industry — and the economy — as a bailout for the sector grows increasingly unlikely.
Our credit expert fields your questions on everything from debt settlement to Citigroup's new interest rate hike.
Merrill Lynch is seeing heavy put activity among options traders Wednesday, as its stock plunges to lows not seen in more than a decade. The November options volume is already four times the recent averages and December is more than six times normal levels.