Citigroup (NYSE: C) opened at $16.39. So far today, the stock has hit a low of $16.33 and a high of $17.58. C is now trading at $17.31, down $0.64 (-3.57%). 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 trading lower with the financial sector, after Bank of America's
(BAC) buyout of Merrill Lynch
(MER) and news of Lehman Brothers Holdings
(LEH) filing for bankruptcy shook investors' confidence about the troubled sector in early trading. 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 an October out-of-the-money bear-call credit spread above the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]