It was ominous that battered Citigroup (C) didn’t participate in the big rally today, and it apparently freaked out management pretty bad. The Wall Street Journal reports — because Citi immediately leaked it to them — that management bought 1.2 million shares near the close of trading. That must’ve been depressing.
While everyone else saw their shares rise on the enthusiasm of the investing public, Citi had to buy their own shares. That’s like parents who buy their kids a trophy even though they lost the big game.
That helps explains the price action in the final minutes of the day. At 3:51, the stock was still down over 4.3% on the day, before finishing down just under 2%.
Management hopes this will mark some important show of confidence, but we’re inclined to think it’ll do the opposite, since it looks so panicked.
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