Citigroup (C) NewsBite - C To Scale Back Branch Operations
Posted: Thursday, September 24, 2009 9:53 AM EDT
By: Market Intelligence Center Staff
Citigroup (NYSE: C) opened at $4.62. So far today, the stock has hit a low of $4.57 and a high of $4.64. C is now trading at $4.58, up $0.07 (1.44%). Over the last 52 weeks the stock has ranged from a low of $0.97 to a high of $23.50. Shares of C are rising this morning on reports that the company is planning to contract its U.S. branch network to six major cities and metropolitan areas, including New York, Miami, and Chicago. Citi also plans to reduce its consumer lending business to credit cards and "jumbo" mortgages, catering largely to affluent customers. The bank hopes that doing so will stabilize its operations. Technical indicators for the stock are bullish and S&P gives C a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on C the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 4 range. [ABR-Seven Summits Strategic Investments NewsBite]
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