This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Citigroup: Financial Winners & Losers

( Updated with stock price moves, Bove note on Morgan Stanley.)

NEW YORK ( TheStreet) -- Citigroup (C - Get Report) was among the winners of the financial sector Thursday as the bank's CEO testified before a Congressional Oversight Panel on government bailout funds.

Citigroup's stock gained ground as CEO Vikram Pandit appeared on Capitol Hill to thank the U.S. government and taxpayers for providing $45 billion of bailout money that stabilized the bank during the financial crisis.

"For Citi, as for many other institutions, this investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people," Pandit said. "Citi owes a large debt of gratitude to American taxpayers."

Citigroup shares were lately up 6 cents, or 1.7%, to $3.46.

Elsewhere, Bank of America (BAC - Get Report) tacked on 0.2% to $16.40 after the Treasury Department said Thursday it recorded $1.54 billion from the sale of 272.17 million warrants it received from the bank as part of the Troubled Asset Relief Program. The warrants were sold after the Treasury and Bank of America could not agree on a price.

Among other U.S. bank stocks, Goldman Sachs (GS - Get Report) rallied 3.4% to $163.09, Wells Fargo (WFC) gained 0.6% to $28.37, and JPMorgan Chase (JPM) rose 0.9% to $41.91.

Morgan Stanley (MS - Get Report) advanced 2.2% to $28.95 after Rochdale Securities analyst Dick Bove, who cut earnings estimates on Goldman Sachs earlier this week, said Morgan's first-quarter results are cloudy, but the longer term outlook is quite positive.

Bove says that while Morgan Stanley's trading activities weakened recently like its counterparts, the company may be gaining market share and "it may not have suffered to the extent of the market."

"What is most exciting about this company is its new strategy," Bove wrote in a research note Thursday. "Morgan is withdrawing capital, assets, and people from all of these proprietary activities. It is focusing the full effort of the firm on delivering a total company experience to its customers. It is fighting hard for market share. It is likely to be very successful and this is a very cheap stock."

Shares of BB&T (BBT - Get Report) also traded higher after Bernstein analysts upgraded the stock to outperform from market perform, citing a "steadier" share count now that it has repaid TARP bailout funds. BB&T was lately up 1.5% to $27.78.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $15.38 0.00%
BBT $35.75 0.00%
C $49.88 0.00%
FITB $18.68 0.00%
GS $177.01 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs