C closed at $29.56 today (Dec. 27, 2007). Since this is right at its potential support area of $29.50, a rebound at this level is likely, even if rather modest. Short term, C does not appear to be very exciting, in terms of the magnitude of future price movement, compared to other stocks. See, e.g.: http://elitetrader.com/vb/showthread.php?s=&threadid=112449 For some idea of how reliable or faulty my past look-ahead assessment of future price movement is, here are some more public-record references: http://elitetrader.com/vb/showthread.php?s=&threadid=112757 Regards.
The rebound at current price level, should it happen, appears likely to be well under a dollar, with immediate resistance potentially at $29.8, then $30, then $30.25. So this potential bounce appears likely to be under $1, even possibly less than $0.50. Of course, we can also see C break through $29.50 level without much of a rebound at all. This bearish scenario is still probable or likely. A worthwhile short-term bottom is likely still lower. The $25-$26 area right now looks much more promising than the $29.5 area, for staging a more sustained, and tradably worthwhile, rebound/rally. Regards.
Is the dividend cut a given and factored in the stock already? When will they officially announce the dividend cut?
Earnings call next week on the 15th. I think too many are expecting a dividend cut and have indeed already priced it in. The most aggressive call I've heard is a cut of 40% on the dividend. Many analysts are still neutral on any cut at this time. I will also add that I don't know the last time C ever cut its dividend? We shall see next week (at this time I'm assuming a cut, but there's still a strong possibility it won't be cut). Good Luck!
C at a tad below $25.00. It is getting very enticing, especially some of the preferreds. At this point, in a bear market, it may well trade to $18. But nibbling at it is a must imo for the long term investor, in very small quantities. nitro
a couple of days ago i started a thread stating i would buy citi on friday around 24.50. i am watching friday for a buy. this is a short term trade. bgp p.s. i still feel citi will go down to 15.00 down the road.