Monday, March 21, 2011

Citibank's Kiss of Death: 1 For 10 Reverse Stock Split

In what used to be the "kiss of death" for a stock, Citigroup Inc. has announced a 1-for-10 reverse stock split, affecting its common shares effective after markets close on May 6.

The bank also said it plans to start paying a quarterly dividend of a penny per share in Q2.

Chief Executive Vikram Pandit: "The reverse stock split and intention to reinstate a dividend are important steps as we anticipate returning capital to shareholders starting next year,".

Please note that we track the 3 strategic banks that indicate market direction live here.

Just do a Google search for "reverse split kiss of death". The last one I held was Nortel. AIG did the same not long ago, and so do all leveraged ETFs like the dreadful VXX and UNG.

Stumble Upon Toolbar

No comments:

Financial TV

Blog Archive

// adding Google analytics