A presidential commission on Thursday recommended that Ecuador default on almost 40 percent of its $10 billion foreign debt, accusing former officials and bankers of profiting from "illegitimate" bond deals.
NEW YORK (AP) - Citigroup Inc. shares tumbled below $5 a share Thursday to their lowest level in more than 15 years, a sign that a Saudi prince's decision to boost his stake in the bank has failed to galvanize confidence among increasingly anxious investors.
Citigroup Alternative Investments LLC (?CAI?), on behalf of each of the National, National II, California and New York Portfolios (the ?National Portfolio,? National Portfolio II,? ?California
In the news release, "The Securities Law Firmof Klayman & Toskes Urges Investors of Citigroup's MAT 5 Fund to ExploreTheir Legal Options Regarding Class Action Settlement," issued earliertoday by Klayman & Toskes, P.A., we are advised by the company that thesecond and fifth paragraphs have materially changed to further elaborateupon investors' options pertaining to the lawsuit from what was initiallyissued. Complete corrected text follows.
If you thought that the sudden sell-off from yesterday afternoon would reverse itself in morning trade, think again: This is looking increasingly like a secular down market rather than simply a case of high volatility. Citi's (C) down further this morning, a vote of confidence from one of its largest shareholders notwithstanding; Berkshire Hathway's (BRK.A) tumbling too; and Americans are now being laid off at the rate of more than half a million a week. Oh, and the market cap of the...
CBOE VIX Index (VIX) - Implied option volatility as measured by the VIX or so-called market fear gauge rose back to those uncomfortable levels associated with a complete evaporation of investor confidence. Fatigued by relentless selling, led by intense pressure on key financial stocks, option sellers raised premiums today boosting the value of the VIX close to 80 for a gain of 7%. Looking at some of the jumps in implied volatility at stocks with a market cap in excess of at least $10 billion helps explain the ascent, but leaves one with a sense...
The Dow Jones Industrial Average is still about 15% above the bear market closing low on October 9th, 2002, but half of the index's current members are now down since then. Below we highlight each Dow member's percentage change since 10/9/02. As shown, McDonald's (MCD) is up the most at 241%, followed by Hewlett-Packard (HPQ), Exxon Mobil (XOM), Chevron (CVX), and Caterpillar (CAT). Surprisingly, financial giant JP Morgan (JPM) is also one of the best performers with a gain of 108%.
General Motors (GM) is, not surprisingly, down the most since...
Recap of CNBC's Fast Money program, Wednesday November 19.
Down Down Big
The Dow plunged to below 8,000, the lowest level in 5 years, on concern over the fate of the big three auto companies: GM, Ford and Chrysler. The Federal Reserve slashed its growth forecasts and more interest rates cuts are expected. Pete Najarian noted the financials are not leading and are in turmoil, and the volatility index is at 70. Guy Adami is concerned the Dow could drop all the way to 6,000. Jeff Macke cites deflationary pressure as the reason for the selloff. Karen Finerman does not see a recovery...
Selloff sends markets to 5-year lows. U.S. stock and bond markets dropped to their lowest levels since the economic crisis began, on new concerns about rising defaults and the financial system's health. The stock market fell to a 5.5 year low, led by banks and financial institutions. Markets are now down 43.5% from an all-time high reached just over a year ago, and nearly all the gains from the last bull market (from Oct. 2002 - Oct. 2007) have been erased. Indices closed heavily down: Dow Jones Industrial Average -5.1%...
Citigroup (C), along with Band of America (BAC) and JPMorgan (JPM) have been setup by the government as too big to fail. Yet the price action on the Citi stock indicates that the market is getting very close to declaring Citi a failure.Look back to the price action of Bear Stearns preceding its failure. If we soon get massive withdrawals by concerned borrowers, the game is up.No one wants that.
Yet, the Fed and Treasury must be in a panic trying to think through how they deal with this situation. There is not another US bank that could...
All the major indexes sat at fresh multi-year lows Wednesday, as the crosscurrents of a seemingly endless wave of negative news had uncertainty levels (as measured by the VIX) one push away from new all-time highs.
Citigroup (C) announced Monday that it would be laying off 53,000 workers. The company has already laid off 23,000 employees earlier this year. Citi has lost 20 billion dollars over the past year and has had four straight quarterly earning losses. The company is on its third CEO in the last year, and has watched its stock price decline to $8.00 per share and its market cap shrink to 43 billion. Citigroup is also facing mounting losses from its mortgage, credit card portfolio and will likely need to raise additional capital. The firm is trying to return to profitability...
NEW YORK , Nov 20 ( Reuters ) - Citigroup Inc is not seeking government aid at the moment , a person close to the bank said on Thursday.The bank's shares lost more than a quarter of their value ...
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CHICAGO ( Reuters ) - Option trading volume in Citigroup Inc swelled on Thursday as many speculators bet the bank's hard - hit stock would extend its losses by Friday's November options expiration.Citigroup's ...
NEW YORK , Nov 20 ( Reuters ) - Citigroup Inc lost more than one - quarter of its market value as new support from its largest individual investor failed to ease worries over whether it will ...
DUBAI ( Zawya Dow Jones ) - - Saudi Arabian investor Prince Alwaleed bin Talal bin Abdulaziz Al Saud thinks Citigroup Inc . ' s ( C ) shares are undervalued , but he doesn ' t appear to have ...
Nov . 20 ( Bloomberg ) - - The benchmark index for US stock options surged to a record close as concern the recession is deepening and the worst year for the Standard & Poor ' s 500 Index drove ...
NEW YORK ( Reuters ) - Citigroup Inc ( CN : Quote , Profile , Research , Stock Buzz ) lost as much as a quarter of its market value Thursday as mushrooming worries about whether the bank has ...
Nov . 20 ( Bloomberg ) - - Citigroup Inc . fell 26 percent in New York trading , after losing almost a quarter of its value yesterday , as concern intensified that the US recession will generate ...
Citigroup Inc . shares tumbled below $5 a share Thursday for the first time in 15 years , a sign that a Saudi prince's decision to boost his stake in the bank failed to galvanize confidence among ...
Nov . 20 ( Bloomberg ) - - Citigroup Inc . , which fell as much as 25 percent in New York trading today , is urging the Securities and Exchange Commission to revive a prohibition on short - selling ...
Hickey and Walters (
