Citigroup (C) NewsBite - C Rises on Lehman Bros. Speculation

Posted on Friday, August 22, 2008 9:54 AM

Citigroup (NYSE: C) opened at $18.02. So far today, the stock has hit a low of $17.99 and a high of $18.18. C is now trading at $18.01, up $0.54 (3.09%). Over the last 52 weeks the stock has ranged from a low of $14.01 to a high of $49.00. Shares of C are rising with the broader market this morning amid speculation that troubled investment bank Lehman Brothers Holdings (LEH) could be bought out. News reports are circulating that Korea Development Bank is considering buying LEH, a move which could bolster the beleaguered financial sector. Technical indicators for the stock are neutral and S&P gives C a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on C the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]