Citigroup (NYSE: C) NewsBite - C and Wells Fargo miss deadline for Wachovia deal

Posted: Thursday, October 09, 2008 11:09 AM EDT

Citigroup (NYSE: C) opened at $15.37. So far today, the stock has hit a low of $14.03 and a high of $15.50. C is now trading at $14.13, down $.27 (-1.88%). The stock hit its 52-Week high of $48.95 in October of last year and set its 52-Week low of $12.85 in September. Citigroup and Wells Fargo (WFC) have reportedly missed their first deadline to reach an agreement on how to divide Wachovia's (WB) assets. The new deadline is 8PM on Friday. 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 November out-of-the-money bear-call credit spread above the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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