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Option update: Citigroup volatility aggressive after announced writedowns and leadership change

Posted Nov 5th 2007 9:11AM by Paul FosterPaul Foster RSS Feed
Filed under: Citigroup Inc. (C), Options


Citigroup (NYSE: C) announced $8-11 billion in write downs on its $55 billion exposure in U.S. subprime mortgages/CDOs.

C announced Charles Prince, Chairman and CEO has elected to retire from C. Sir Win Bischoff, will serve as acting CEO and Robert Rubin, will serve as Chairman of the Board.

C is recently trading at $37 in pre-open trading, below its close of $37.73.

Goldman Sachs lowered its 12-month price target to $48 from $51.

C November option implied volatility is at 72, December is at 51, above its 26-week average of 27 according to Track Data, suggesting larger price risks.


Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Tags: c, charles prince, CharlesPrince, citigroup, Robert Rubin, RobertRubin, Sir Win Bischoff,, SirWinBischoff,

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