Sell the news. After confirming plans to merge its brokerage unit with Morgan Stanley, Citigroup is tanking, down 15% in early action. It’s right at that psychologically significant $5 level. Just like old times. Maybe all this talk about breaking up the financial supermarket isn’t helping, as people realise that the financial supermarket model really isn’t the problem (hint: it’s the crappy balance sheet).
Meanwhile, the company announced plans to move up its quarterly loss announcement to January 16th, from January 22nd.