Citibank will have completed it's conversion of preferred shares for common shares at the end of the day on Thursday, September 10th. This includes all the shares that the U.S. government owns. I believe this is more good news for Citi. Not to mention: The stock is still cheap, the government can start unwinding their position next week, it is marginable and of interest to mutual funds above $5, it has been upgraded recently, (by more than one company) the economy seems to be improving, and it is by far the cheapest large bank stock.
Next week should be exciting, especially for those of us who own September 5 Calls. Of course there is risk, but it is, in my opinion, an acceptable risk. Good luck to all who are long C!
By the way, for those who insist there are 60 billion shares outstanding, they are incorrect. There are 60 billion shares authorized........... Big Difference!!
you are correct, I really beleive all the day traders, and people who HAVE to sell (those hedge fund managers) will not reap the HUGE benefits if Citi does, indeed, goto 10 by end of next week. C is set up and we shall see what happens. squeeze it!!
5 and a half billion shares outstanding according to the latest quarterly report. that is a fact. the rest is speculation.
C is the best stock to own right now. period. i track about 50 stocks or so and none have more potential than C to go up from here percentage-wise.i am not married to this stock but for now i am sticking with it till it hits double digits.