Oppenheimer's Whitney Slashes Citigroup's 1Q Earnings Estimate

Citigroup Inc.'s first-quarter earnings-per-share estimate was cut to a loss of $1.15 by Oppenheimer & Co. analyst Meredith Whitney, who said she was also cutting estimates for other U.S. banks.

Whitney lowered the earnings-per-share estimate on Citigroup, the largest U.S. bank by assets, from a loss of 28 cents, citing estimates for first-quarter mortgage and collateralized debt obligations-related writedowns, according to a note to investors dated yesterday.

Whitney, 38, correctly predicted two months in advance that Citigroup Inc. would slash its dividend to preserve capital. Her downgrade of Citigroup helped spur selling that erased almost $500 billion in value from the nation's stock market on Nov 1.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aRWTAurDjHiY&refer=home

When will Meredith´s winning steak end ?

 

?.........did she "jump ship" from some other firm to Oppenheimer? Being a "bear" may get her in trouble with institutional customers. The first time she's wrong with a forecast, the media will abandon her. We'll see.

 

she might get new death threats for this one. I can see the bulls crying 'but we were doing so well'

 

I think there's a price now on her head on Wall St.

 

Somoene's predicting a Bear Stearns type move. Bought 40k $12.5 June puts this morning.