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TheStreet Open House

Ex-Dividend Stocks: Intel, Citigroup

Stocks in this article: CINTCSOFENBLNYBTXWLT

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Thursday, meaning an investor must purchase the shares Wednesday to qualify for the next dividend payment: Citigroup (C), Intel (INTC), Southern (SO), FirstEnergy (FE), Noble Energy (NBL), New York Community Bancorp (NYB), Ternium (TX) and Walter Energy (WLT).

Citigroup

"We think investors should consider several reasons why the outcome of a two-notch downgrade by Moody's would be manageable: 1) Citi's broker-dealer subsidiary already effectively carries a P-2 short-term rating at Moody's--and Citi's ratings were recently affirmed by S&P and Fitch, with the bank and broker-dealer each remaining at A-1 and F1, respectively; 2) Citi has increased the tenor of its repo funding over the past 2 years to months rather than weeks; 3) Citi has broadened its investor base to focus on less-ratings sensitive investors, including placing limits on ratings sensitive short-term funding sources (such as 2a-7 funds) which now comprise a "low-single digit" percentage of repo funding; and 4) Citi estimates that a two-notch downgrade from Moody's alone would trigger about $2.0B of additional cash obligations and collateral requirements--Citi's 10-K estimated cash obligations and collateral requirements would total $7.3B if all three agencies downgraded two notches simultaneously," Wells Fargo analysts wrote in an April 25 report. "Finally, Citi suggested that the market has become more forward-looking and sophisticated about counterparty assessment (and therefore, less reliant on the ratings agencies), suggesting investors have been preparing for the potential downgrade for some time."

Forward Annual Dividend Yield: 0.1%

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