What can one dollar get you? Well let’s see, a cup of coffee, a pack of chewing gum, or a share of Citigroup.
For the first time, the price of a Citigroup stock on Thursday fell below $1 in a sign that investors are losing confidence that the lender, which operates in more than 100 countries, can be restored to health after $37.5 billion of losses in the 15 months ended December 31.
Shares fell as low as 97 cents, leaving the bank with a market value below $6 billion -- down from more than $277 billion in late 2006. The decline came even though Citigroup has gotten $45 billion of taxpayer-funded capital since October, and despite federal efforts to stimulate the economy and lending.
Citigroup was not immediately available for comment.
Citigroup still remains part of the Dow Jones industrial average of 30 blue-chip companies. Naomi Kim, a spokeswoman for Dow Jones Indexes, which maintains that index, said: "(But) we are watching the situation closely."
And that leads to our Charles Schwab Question of the Day.
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Trader disclosure: On Mar. 5th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (GE) Puts; Macke Owns (MS), (SDS), (AAPL), (MOS); Najarian Owns (GDX), Najarian Owns (MS) & (MS) Calls, Najarian Owns (MSFT) & (MSFT) Call; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (WFC) & (WFC) Calls; Najarian Owns (DNA) Calls; Najarian Owns (DOW) Call Spread; Najarian Owns (FCX) Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (GE) Puts; Najarian Owns (PNC) Put Spread; Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Owns (PLCE), (MSFT), (PBR), (RIG), (TGT): Finerman's Firm Is Short (BAC), (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO)
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