Citigroup (C) Rises Above $4 Level
Citigroup (C) rose above $4 for the first time since December of 2009. Shares are trading at $4.20 in the after hours market. The stock has been on a roll lately rising over 20% since shares closed at $3.50 on March 5th. The last 2 days Citigroup has seen its volume explode with over 1 billion shares trading hands. This is twice Citigroup's normal volume of half a billion shares.
The surge in volume shows that investors and traders are gaining confidence in Citigroup. According to CEO Vikram Pandit "We are well positioned to return to sustained profitability." Citigroup (C) took advantage of investors increased appetite for risk by offering $2 billion dollars worth of 30 year trust preferred securities. The offering appears to have been received well with interest from retail and institutional investors.
