Could Citi be buying back shares quitely right now?
Has anyone noticed that over the last few days C has been frozen at the same quote for hours? No matter how many shares are traded the price doesn't move? Friday it was 4.09. Today it's 4.11. What does that indicate? Govt selling at a fixed price? C buying back at a fixed price? Seems a bit strange.
I don't think it's anything like that. Simple supply and demand. With a ton of volume the curve is a lot smoother than stocks with less outstanding shares (and hence less daily trading volume). Look at a chart with less shares outstanding (GS for example) and their chart will be a lot bumpier, with wild swings, than a comparable daily chart for Citi.
People love to theorize that Citi is secretly buying back shares, but if they were, SEC & FASB requires they disclose this in their financials. Evidence of a secret share buyback just does not show up.