Citigroup C Reverse Stock Split 3/19/09

Citigroup ( C ) stock is opening pre market today, March 19, 2009, at $3.12 as the company has filed a proxy to do a reverse stock split.

Citigroup Stock Split News - March 19, 2009

Citi announced today it has filed a registration statement with the Securities and Exchange Commission (SEC) in connection with its proposed offer to issue its common stock in exchange for publicly held convertible and non-convertible preferred and trust preferred securities. Citi anticipates launching the public exchange offer in early April, subject to completion of the required SEC review process.

Citi plans to file shortly two preliminary proxy statements with the SEC. One preliminary proxy proposes to amend Citi's Charter to, among other things, increase the number of authorized shares of its common stock and authorize the Board of Directors to execute a reverse stock split of its common stock. Shareholder approval to increase Citi's authorized shares is not necessary to complete the exchange of private preferred shares for interim securities or to exchange the public preferred shares for common shares. The conversion of interim securities to common shares will be completed upon adoption of the amendment to authorize additional shares. The other preliminary proxy proposes to amend the Charter and the certificates of designation of each series of its public preferred stock to amend the rights of holders of public preferred stock.

Full Article - From Citigroup Investor Relations

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Citigroup C Stock 3/13/09 March 13, 2009

Citigroup ( C ) stock continues to fly today on more positive comments out of board member Richard Parsons.

Citigroup News - 3/13/09

Chairman Richard Parsons said Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands. Asked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: "No, I think actually, particularly with the latest conversion... Citi is actually one of the better capitalized banks in the world.''

In other news, Citigroup is expected to name 4 new board members as early as next week.
Citigroup is preparing to nominate some four new members to its board, including former U.S. Bancorp chief executive Jerry Grundhofer, as soon as next week, according to the Wall Street Journal.

Citigroup ( C ) stock is trading up in pre market by 7.78% to 1.80 per share.

Citigroup will report earnings April 17, 2009

Technical Analysis: It is important to note that Citi is back above its 10 day moving average. Next major resistance is $2.00, and then about $2.55. Keep an eye on the 10 day moving average.

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