(WSJ) Citi Prolongs ‘Squeeze,’ and NYSE Isn’t Helping
Looks like it is in fact a short squeeze that’s propping up Citi shares lately. Although down 1.75% to $3.94 per share in afterhours trading, I’m hoping Citi will continue to inch upwards through options expiry this Friday… I’d bet many hedge funds are breaking out the defribillator right about now if there’s still a faint pulse… ***CLEAR!***
From WSJ…
Citigroup Inc. stock’s upward momentum may continue longer than some market professionals are expecting — and it isn’t because investors have suddenly regained faith in the banking company’s prospects.
Instead, Citigroup’s plans to issue billions of new shares won’t move forward until at least Friday, potentially prolonging a “short squeeze” that has been inflating the company’s shares.
The Securities and Exchange Commission isn’t expected to approve Citigroup’s stock-registration statement until sometime after the company announces first-quarter earnings on Friday, said people familiar with the matter. Citigroup previously told traders the approval would come in early April.
