Word: stocked
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...headlines in recent months. Like the other big banks, Citi received billions in aid from the government, and has been back to the government's well more often than most. Last month, the Treasury, along with private investors, agreed to convert some of their Citigroup preferred shares into common stock, which will strengthen the company's capital position. All told, the government has injected $45 billion into Citi by buying preferred shares; it has also insured the bank against losses on as much as $300 billion in loans and bonds. It is assistance the bank has needed. Citi lost...
...stock market rally over? Up through Thursday's close, stocks were up 21% over two weeks, a gain fueled by positive news from the moribund housing market, an uptick in durable goods orders, and a well received plan from Treasury Secretary Timothy Geithner to clean up the banking industry's toxic-asset mess. (Read "Banks: How Toxic Are They...
Ironically, what helped start the rally in mid March were upbeat words from Citigroup CEO Vikram Pandit about Citigroup's profitable performance during the first two months of 2009. Friday's stock market swoon, traders say, was partly triggered by cautious comments from Bank of America CEO Ken Lewis and JP Morgan Chase CEO Jamie Dimon, who both noted that March was proving to be a more difficult month than either January or February. As Dimon told Bloomberg TV while standing outside the White House after a group of bankers met with President Obama, "This downturn - it's pretty powerful...
...stock market is not so much a news processor as a leading economic indicator, and today's loss notwithstanding, big investors may be betting on better news around the corner. "If you believe as I do that we'll be coming out of recession by year end, then this is about the time you would expect to see the start of a cyclical bull market," says Stephen Leuthold, president of Leuthold Group in Minneapolis, a firm with $5 billion in assets. Leuthold has studied stock markets and recessions going back to 1860. "We found that in all but two instances...
...state of shock. In a matter of months, half the value of the stock market and more than half of Wall Street's corporate pillars have disappeared, along with several million jobs. Venerable corporate enterprises are teetering. But as we gasp in terror at our half glass of water, we really can - must - come to see it as half full as well as half empty. Now that we're accustomed to the unthinkable suddenly becoming not just thinkable but actual, we ought to be able to think the unthinkable on the upside, as America plots its reconstruction and reinvention...