Citigroup Falls on Downgrade
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Citigroup Inc. shares on Monday  suffered their biggest one-day percentage decline in 18 months  after a prominent Wall Street analyst downgraded the world's  largest financial services company, citing a string of recent  ethics problems.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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Stocks skidded in early trading after weak economic news and a disappointing quarterly report from Citigroup stirred renewed concerns of recession.
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Citigroup Inc. shares fell more than 2 percent early Monday, after Merrill Lynch analyst Guy Moszkowski cut his stock rating to &quot;neutral&quot; from &quot;buy,&quot; citing recent ethics problems.
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A contrarian investment strategy known as "Dogs of the Dow" has been a laggard this year, pulled down by Citigroup Inc <C.N, one of the biggest casualties of the subprime credit meltdown.
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Citigroup Inc said on Tuesday it plans to raise $14.5 billion, slash its dividend and cut 4,200 jobs to shore up its balance sheet after a write-down for mortgages led to a record $9.83 billion quarterly loss.
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Blue chips closed lower off highs as Wall Street remained lower with interest rate sensitive sectors such as retailers bearing the brunt of the falls with a disappointing update from DSG International helping to weigh down the FTSE 100.
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Shares of Citigroup Inc  and  other financial companies suffered broad declines for a second  day on Tuesday, as evidence mounted that borrowers are spending  less and falling behind on more payments, and the U.S. economy  might be near or in recession.
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NEW YORK : Standard and Poor&#39;s downgraded the credit rating of US carrier Delta Air Lines, which had already been considered vulnerable to default.
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Citigroup's write-off was smaller than expected, but the stock got punished. What gives?
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Stocks plunged on Tuesday after a record quarterly loss at top U.S. bank Citigroup Inc and a surprise drop in December retail sales fueled fears that the economy was heading into a recession.
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Cititgroup Inc. suffered losses of nearly $10 billion in the last three months of 2007 as problems with risky sub-prime loans continued to rattle the country's major financial companies.
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Citigroup Inc. today said it suffered losses of nearly $10 billion in the last three months of 2007 as problems with risky sub-prime loans continued to rattle the country's major financial companies.
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Citigroup stock hit a new low yesterday following two more black eyes - the shutdown of its scandalized Japanese bank and a record fine here over its hedge fund abuses.
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Badly bruised by the sharp downturn in the housing market, Citigroup is bringing its mortgage-related activities under one roof.
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U.S. stocks edged lower on Tuesday before the Federal Reserve's interest rate decision, as weak earnings at electronics retailer Best Buy Co.  and a management reshuffle at Citigroup Inc.  disappointed investors.
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The shares of U.S. commercial and  investment banks fell on Tuesday after two bond rating agencies  started to downgrade billions of dollars of securities backed  by subprime bonds, triggering concerns that bond sales and  lending businesses could slow.