Citigroup Inc. (NYSE: C) has already traded 650 million shares as of 8:49 AM EST and shares are down at $3.15, right where the largest offering in US capital markets history priced. We have already seen one $3 target this morning from an analyst and Dick Bove of Rochdale called this “terrible” last night on CNBC. Unfortunately there is nothing more to say other than that this will create a monster trading day in volume and 1 billion shares by the opening bell looks possible. Citi better hope that this does not close under the $3.15 mark as a busted deal. Also, there is one likely saving grace at least at the end of the day: S&P index funds will have to add to Citi weightings as a result of this offering pricing.
JON OGG
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