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I follow what your saying as to valuation. We are getting oversold by negative reactions on sentiment.
I look for the market to beat us up a bit more. The bank discussions will easily go on another week and probably longer. The volitility todays has been interesting to watch. We were up and now are down as of late in the day.
Support levels and resistance levels for C?
That's a good question for the interm. Detailed input on that?
Here is what I see...
Looks like the political environment with regards to the financials is such that the administration is going to take on the big banks in the near term. So we are seeing a sell off as a result. Does that change the earnings potential here for the future? I don't think so. As long as you keep hearing about it in the WSJ or CNBC price will prob take a bit of a beating. Pretty beat up now. Is it logical? Well yes and no, what if the govt affects revenue and the bottom line here? We still don’t know what the govt is going to do to citi, maybe nothing, maybe something. Both are uncertainty and the market does not like that.
In the longer term this will prob all go away. This is prob a buying opportunity, but watch out for in your ear (Field of dreams), the guy with the ball may hit us with it! Market correcting to a change in China's monetary policy and that is changing wall streets view of our recovery. We are due for a breather in the upward trend overall anyway, and some have been saying it for sometime. Maybe this is a buying opportunity on a dip too? Who is right is the question! Both think they are but neither really knows until there are more indicators in either direction.
Good for you.
It REALLY pisses me off when I loose money, even if it's a paper loss.
Earnings continued...
BOA and Merrill - fell short. BOA had big increase in their DEC home loan defaults vs. NOV and past months. Still analyst feel upon the US recovery that it is worth the low to mid 30's. It trades at 16. Weak housing issues continue. Some shareholder dilution but better financial strength than Citi. "Citi so diluted its shares to pay back its govt loan at the expense of the shareholders, but in favor of its employees, end quote. Does he mean for the managers to give better bonuses? Does that mean that they need to do better at attracting the talent away from Goldman and others? Is this a self-serving move or a longer-term vision towards better management and stronger balance sheet? Just asking the question so as to keep my eye on what the real issues are or may be.
DOW down almost 200 and citi giving back some of yesterdays gains.
Hey don’t shoot the messenger here...Just indicating what I hear.
Even if you bought or sold a million shares right here, you cannot move this market off its bid or ask by more than a penny or two. It's that big.
Remember that the banks want Washington to take the heat off of them. Washington may be out for the banks and could affect share price over the next few weeks to months. Earnings season is on the line and a mover here as well.
To me that would mean a buying opportunity on weakness in the nearer term. We know this will go up longer term, but may go down short term. Maybe $3 or maybe $4, who knows. I'm just looking for longer term trends at the best price I can get in at.
Business sources had quite a bit of feedback on Citi yesterday.
While govt owns a 3rd of the stock, there is some risk for a regulated corporate direction. What direction was only a footnote but got my attention.
Intl operations doing well, domestic not so good. Credit card division has liability issues on defaults as discussed in an earlier post.
Needs a new CEO, and several on the board now have good banking experience. Present CEO has not done such a good job as percieved.
Still has unresolved problems, slow but steady progress, volitile moves in the stock expected.
Lets see what happens with the other financial earnings that are due out.
Impressive day!
Stock bounced back well. Now that tells me something good...
Do you hear that noise too?
It's a subtle little sucking sound coming from the the banks with earnings reports due out next week. What may happen is "wording" that may be subdued and somewhat ho hum. Can you blame them? They can't lie about the numbers but the way the hearings with the bank exec went this week and then obama talking taxes on these high flyers, they will try to paint a not so good picture. They may have even started painting that picture today by mentioning that many card holders could still default on debt. Politics.
So this may set us up for a different reaction as previously seen during the earnings report. Not that I want that, but its a point and something to consider going into tues.
Prince
The PR was earlier this week. Dont have link anymore, deleated email but got it through Scottrade as a C alert. I get 20 of these a day, anything and everything related to C. Trust me it's out there somewhere.
If I remember it had to do with him moving the C shares into a holding company related to realestate holdings to boost that companies bottom line. It was a rare public comment as indicated and he hammered upper mangagement for not acting sooner and doing more to fix the company so as to improve it's bottom line.
Interesting to note I don't know if it was before or after managment shakeup as PR this week.
Contradictions in my posts
I retract everything I said earlier and bow to the prince of Saudi Arabia...maybe some pushing of management is needed at this time. See PR...
Good points...
I think there will probably be several good entry points and no reason to rush. I might miss larger profits but also limit my chances on losses.
It's a pretty easy buy and hold into 2011 / 2012. But this has a potential downside here in the price as well. My worries are a sideways price or a dip. Lets see what earnings brings tomorrow. Again I change my views as the market changes and tells me to.
We are building a good base for the future. I prefer that to larger spikes. Spikes makes the price more volitile and a good trade but harder to predict growth from any given point. Unfortunetley I see a short to mid term ROCKY ROAD!
Anybody want to take a stab at some of the fundamentals?
GTG-good dialog
Price to book around $6....
For the record I don't own shares. Only watching for now and will bring some guns to the show maybe in time. Where the stock has been is no relation to where its going. The real time to own this was when tarp was injected into the banks...
What I like:
The buzz on the street is that C will do well sometime in the future.
Book value looks good.
Have large market share in some sectors.
I see a senior management shakeup as good, shows ceo / board want changes to produce results. Immediate perception would be bad on wallstreet.
In the longer term, this should do well. Price? Would not care to guess. That puts my perception in a box, and blinders on my eyes to miss things as they change, good and bad, maybe both at the same time.
Bad?
WAY TO MANY SHARES, big red flag. Huge. Will get traded and traded and traded.
When is the govt shares going to be introduced into the float?
Seen as weak player in the banking sector. Barely suppose to make a profit in 2010. Better in 2011, so whats that tell you?
US will prob barely tweek out a gain in GDP this year. Banking tied to that and S&P performance. Are we near a top of a rally short term in the DOW and S&P by the end of earnings season? Will that affect C?
We shall see...
Interesting article...
Anybody know what Citi's book value per share is?
Dustin
Very interesting. I changed banks 2 times last year as Bankrate.com and thestreet.com have excellent resources to evaluate the stability and security of any bank or savings and loan. In the SE US we had many bad loans and so the banks with large exposure in this region have been hit hard.
I know very little of the numbers within the balance sheets and what to look for from within the numbers that gives a clear picture. BUT I BET YOU DO. Those websites make it easy for all to understand the basics. Might you email me sometime so that I could ask you questions about those balance sheets directly sometime? Wguy1905@yahoo.com
Thanks
Thank-you Dustin... of course Bankrate, I used them last year when the banks were scaring the crap out of me.
DustinMBA ---Can you provide
a source where you learned about the "ton of bad loans they are holding"
Not doubting, just want as much exposure as I can get. Thanks
***Citi Replaces Japan Head With Darren Buckley***
By Alison Tudor Of THE WALL STREET JOURNAL TOKYO -(Dow Jones)-
The head of Citigroup Inc. (C) in Japan, Douglas Peterson, is returning to New York after overseeing the swift sale of assets in Japan to help the banking giant repay the U.S. government for its bailout during the financial crisis, a person familiar with the matter said on Saturday. He will be replaced by Darren Buckley, head of Citibank Japan Ltd., a retail and corporate banking unit. Peterson joined Citigroup in 1985, first in Buenos Aires then in New York. He also served stints as country corporate officer of Costa Rica and of Uruguay. He rose to become Citigroup's chief auditor in 2000.
Stock taking a breather?
We are down .10 on a correction? Will slower movement upward create a good base? Is this a double or a triple by summer or years end?
One things for sure, I dont know! Just asking some good questions.
Thank-you, worthy to note....
at the end of the year insiders were mostly aquiring the stock and some by quite a few shares. I like the % of those buying vs selling too. Very worthy website for DD.
Ok thank-you 22.5 bil. Any idea who is holding a lot of shares of the institutions below?
Just found this for the period ending 12/31/09 by reuters...
1,650 institutions own 26.6% of the 22.86 billion
common shares outstanding. This is lower than the
average institutional ownership of the Money Center
Banks Industry at 38.3%, and lower than the average of
the S&P 500 as a whole which is 67.3%.
Net Change (3 month) 17.8%
Net Purchases (3 month) 4,083.65 mil
Shares Purchased (3 month) 4,160.84 mil
Shares Sold (3 month) 77.20 mil
Wow nobody wants to take a stab at the float? Need some DD help. How about it mods? Who is the local expert here?
Does anybody know how many Billions of shares are in the float and presently tradeable? I saw the answers to the govt shares potentially entering the market in 3 or more months. Can anyone plese provide a link to that information. NEED ANSWERS TO BOTH.
Thanks in advance.
NEW YORK, Jan 05, 2010 (BUSINESS WIRE) -- John Gerspach, Chief Financial officer, and Eric Aboaf, Treasurer, will conduct a fourth quarter 2009 Fixed Income Investor Review at 8:00 AM (EST) on January 21, 2010. The review will be vailable live via webcast and teleconference.
The press release, webcast and presentation materials will be available at
http://www.citigroup.com/citi/fin. A replay of the webcast will be available at
http://www.citigroup.com/citi/fin/pres.htm.
To dial-in to the live teleconference, please dial:
US & Canada: (800) 309-5794
International Callers: (706) 902-3256
Conference code: 48837153
Telephone lines will open at 7:45 AM (EST).
I thought the financials came out on the 18th?
Jimmy,
"what do you suggest we do in our situation"
MY CHOICE IS TO WAIT FOR THE POSIBILITIES!
"It seems as though the stock has stabilized and found its bottom(hopefully) but even so it is leaving most of us with some heavy loss' what your thoughts"
Your losses are on paper and not real until you sell correct? So either sell or decide your going to wait for the possibilities. Very Simple. For those that don't know, this stock can go all the way down to .0001 and until we get the dreaded news some of you are SO CERTAIN OF, or Smartwear provides insight of it's progress. the stock will go lower over time. So decide your stop loss point or hold on for the ride. For those of you that don't know which side of the fence your on, I suspect you will keep reading posts here to help you decide. Jimmy your doing that now, but earlier you had some intelligent information and by reading all the later posts of "past information", you are waffling. DECIDE! It's a very understandable reaction when you see many shares trading hands and the price go lower and ASSUME that some shareholder is selling because they must know something, when in reality, nobody knows anything and time is making people give up and cut there losses. DECIDE!
"what are your thoughts as far as the otcbb listing"
Everyone knows this would be a good thing. Go read SOX (sarbanes oxley)... it's more productive at this point than reading the pumpers, bashers, and flip flopers posts here.
http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act
I am going to wait. It's why I invested. I have no idea what's going on behind the scenes. OTCBB is a stated objective by the company correct? Since SOX was enacted, nobody is more acutely aware than a CEO, of making false statements about their public company. Those are his guidelines, he knows that, and still he provided direction.
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=glgt
That completes the tour ladies and gents. Good luck...
Socal,
You have fliped over at least twice since I have been reading your posts in a few weeks. Respectfully your losses are hurting you and your only blame is youself! I'm probably down more in another stock than you have posted that you bought in for. To bad...
CEO's don't react to shareholders, they lead company's.
Respectfully, your a shareholder of a company that has been taken over and you will have to wait for news when the timeing is right for the company, not you or I unfortunately.
Would you like to tell us other posters what recently set you off if anything beside your losses? Again respectfully , your anger is not allowing you to reason with the possibilities I feel are taking place.
I have not posted anything that I have heard, true or untrue, it's all unverifiable anyway, unless I was an insider, which I'm not here, but I am for two other companies. Being here and posting appears to have caused me a guilt by association issue with the lynching crowd that's gathered and so now as Cat Stevens said in that great old song...."I know I have to go away" LOL...
ditto...
"by my estimation they have to file their 10q by tomorrow"
Or could be thursday...
I agree. You seem grounded.
Time is eating at these investors to post all over the map. Just put this away and wait.
Wow, That is really false information Luv. You don't know what your talking about.
I got a good impression of Bob too. If the PPS was up this type of investigations would not be going on. Relax. Wait. You can't know what's happening, so all the bits of data can be seen anyway one wants to. I know some that are buying.
Good to hear someone else heard something simular to what I did. Maybe this is why the office moved to NV
my understanding is that this has been resolved
The price is going down, which is different from a sinking ship.
Actually if you are smart enough to use a computer you should be smart enought to look down at your feet and see that your standing on dry ground.
The reality is that they are building a company, in my opinion. I've got nothing to gain in pumping any stocks. Said my peace, got better things to do than scaring shareholders, who may sell on your comments, during a falling PPS.
I do like some of the contructive posters here looking for real answers, providing others with the information they have learned. I suggest not looking at this every day and wait for the results. I think we will be ok.
Most of the posts the last two weeks have turned more negative. I believe that is normal from the falling stock price and the lack of news. Tough to witness.
I do not believe there is any bad company activity taking place. I think mergers take time and filings take time. I think without news everybody is guessing. No disrespect to anyone here. I think there are some credible investors here who are getting real nervous when they look at there acount values.
Global, Smartwear, Applied Digital? What does / will this mean going forward? Filings, new president, patent pending?
Something taking shape I think.
Humm?
Southern,
Most times he has not returned my calls. Even to a lesser degree an email. I'm ok with that.
Jimmy,
That's ok Jimmy, but the millions of shares of pinks I have bought have been double counted in most cases. Maybe specific market makers are doing this but it IS happening and I believe what southern saw. Just because you didn't see it doesn't mean it isn't happening. I've talked to a few CEO's who agree this is happening to their stock as well.
Liberty,
You are so wrong!
Southern,
For some reason the shares are double counted on the pinks. I have seen this time and time again. One would only recognize it if it were their shares usually. It's counted once on the sell and once on the buy. Many times they don't split the share equally so you can't easily track this, but it is happening all the time. So you can half the shares traded every day to get an accurate volume. I don't know if it's the market makers or the trading medium of the pink sheets company but it happens all the time. Another reason to get off the pinks.