Monday, March 21, 2011
Citigroup gives up on its stock price
Citigroup (currently trading at $4.41) on Monday announced a 1-for-10 reverse stock split of its common shares effective after markets close on May 6. Separately, the banking giant said it plans to reinstate a quarterly dividend of a penny a share in the second quarter.
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Bank stocks are so hard to value right now. I'm staying away from them simply because they're completely beyond my ability to evaluate. Citi's ballance sheet is a complete mystery so it's pretty much impossible for anyone to feel safe about reaching their hand into that particular black box and buy the stock.
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