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Citigroup Inc. Message Board

  • poorchoice poorchoice Feb 27, 2009 8:53 PM Flag

    Did you know C hit $1.15 in PM trading

    I live on the west coast and was bit sleepy when I watched the PM trading. All of sudden C shot downward with huge block trading clear down to $1.15 Then it popped back up to somewhere around $1.50

    So I figured hedge funds or institutional buyers were massively dumping at that moment and filling all the buy orders clear down to $1.15 before dump ended.

    However, reading several different articles today a writer mentioned that some of the preferreds shorted the stock to make their conversion exchange more beneficial. But I can't find the link any longer.

    Does anyone know about this? And if so could you explain how a preferred would get a more beneficial position by shorting the stock in PM this morning?

 
C
51.75+0.81(+1.59%)Sep 2 4:00 PMEDT