Winners & Losers: Citigroup Crunched
Citigroup, the nation’s largest bank, is the latest casualty in the credit crunch. CEO Prince resigned on the news of a multi-billion dollar loss. Year-to-date, the stock is down more than 35%.
Other financials on the losing side include Lehman Brothers, MBIA, and Wachovia. All traded down today.
If you took a chance earlier this year on IPO Fortress Investment Group your risky move hasn’t paid off. Since the company went public the stock has dropped more than 41%.
Another ballyhooed underperforming IPO is The Blackstone Group . In a span of nearly 5 months the stock price has fallen 31.72%.
Technology seems to be immune to the credit crunch. Google gained another 2 percent closing at $725.65. While Baidu and Yahoo also traded up.
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