Loading ...Submitted by cpowell on 03:00AM ET Saturday, August 17, 2019. Section: Daily Dispatches
Should This Be Illegal — Banks Recommending a Stock to the Public, then Secretly Trading It in Their Own Dark Pool?
By Pam and Russ Martens
Wall Street on Parade
Friday, August 16, 2019
Wall Street on Parade
Friday, August 16, 2019
The Dow Jones Industrial Average rallied 99.97 points yesterday but the mega Wall Street bank, Citigroup, closed in the red, down 0.15 percent. That decline follows a dramatic loss of 5.28 percent on Wednesday, a day that the Dow was down only 3.05 percent.
Citigroup’s closing price yesterday was $61.32. The stock has lost more than 88 percent of its value since 2007, despite its attempt to dress up the share price with a 1-for-10 reverse stock split in 2011, which left its long-term shareholders with 1 share for each 10 shares previously held.
Citi’s share price has also been dropping like a rock since July 24 of this year when it closed at $73.01. But that hasn’t triggered a rethink on the part of its competitor banks on Wall Street who have “buy” or “overweight” ratings on Citi’s stock according to MarketBeat.
From September 20, 2018, to the close of trading on Christmas Eve of last year, Citigroup lost a whopping 34 percent of its value. That’s in just a little over three months. Nothing about its situation or the global macroeconomic picture has changed for the better after last year’s rout but, for some reason, four of its big bank peers got very bullish on its stock this year. …
… For the remainder of the commentary: