This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Citigroup: Financial Winners & Losers

Stocks in this article: C

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

NEW YORK ( TheStreet) -- Citigroup (C) 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) 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) 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) 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) 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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs