Citigroup's recent profit numbers coupled with a market rally has offered a glimmer of confidence to investors.
"Citigroup's internal memo has shifted market psychology to the positive, at least for the moment," said Scott Opsal, managing director, portfolio manager for MEMBERS Capital Advisors Inc. in the March 10 MarketLine Alert.
Opsal said "for a company that made headlines as they sought government support for its continued viability and whose stock price has fallen nearly 80% so far in 2009, that's newsworthy." He cautioned that other factors such as high unemployment and falling industrial activity can not be ignored. But for now, any good market news is welcomed.
Recommended For You
Earlier this week, Citigroup reported that it was profitable for the first two months of 2009, and it is having its best quarter-to-date performance since the third quarter of 2007.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
