Newspaper wrap-up: Analyst calls for Citigroup break up
Posted Nov 6th 2007 9:15AM by Eric Buscemi
Filed under: Newspapers, Magazines, Ford Motor (F), Citigroup Inc. (C), Sony Corp ADR (SNE), AMR Corp (AMR), Dow Chemical (DOW)
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MAJOR PAPERS:
- Reacting to $90-plus a barrel oil prices, airlines, many of whom are beginning to see profits again, are passing along increases to passengers. Led by AMR Corporation's (NYSE: AMR) American Airlines, the largest carrier, increases per ticket are being increased about $20, according to the Wall Street Journal (subscription required).
- The UAW may not face stiff opposition among its rank and file member for a new four year labor contact with Ford Motor Company (NYSE: F), as local leaders in Detroit approved a tentative four year deal, reported the Wall Street Journal.
OTHER PAPERS:
- The New York Post reported that two fired Dow Chemical Company (NYSE: DOW) executives shopped the company to investors, according to industry consultants' affidavits filed by the company to support its claims that the execs breached their corporate duties.
- The Telegraph reported that CIBC World Markets' financial services analyst Meredith Whitney has called for Chuck Prince's successors to break up Citigroup (NYSE: C).
- Several private equity firms are competing to buy the 32% stake in Sony Corporation's (NYSE: SNE) Sony Entertainment Television currently held by Indian investors, reported the Economic Times.
Tags: american airlines, AmericanAirlines, amr, c, citigroup, dow, dow chemical, DowChemical, economic times, EconomicTimes, f, ford, new york post, newspaper, NewYorkPost, ny post, NyPost, paper, periodical, sne, sony, telegraph, uaw, wall street journal, WallStreetJournal, wsj
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Reader Comments (Page 1 of 1)
11-06-2007 @ 10:28AM
Shelly said...
Cross your fingers. Hopefully Robert Rubin will surprise us all by leading Citi to a victorious turnaround. The guy clearly has a few dozen corporate and government connections (see visual: http://www.newsvisual.com/newsvisual/2007/11/robert-e-rubin.html )
Any bets as to whether Citi will give in to a break up?
11-06-2007 @ 6:00PM
Beltway Greg said...
I'll call a bottom here. Citi and Amazon are absolute screaming buys at these prices.
Of the two Amazon is going to kill estimates and the stock price is going to howl like the
cold North wind for the foreseeable future. Buy it, go play golf, check it next Oct. Oh yeah, you'll
see some turbulance but with the rise in the cost of gas and the ease of on-line shopping what's not to like?
Citi is a poorly managed cash cow. Just the hint of better management, a plan written in lipstick on the back
of a cocktail napkin will get you back to $45.00. Cut the expenses, cut the use of the jets, make folks fly coach,
if they need to fly at all. How about a little video conference action? Watch those corporate credit cards. Run it like Goldman or the way Welch ran GE. If you're not pulling your weight. Go.
If Citi can't get back on its feet or at least stabilize there's probably not much else the average investor
is going to be able to do in this economy.
Beltway Greg
Going boldly where no analyst has ever gone before.