Super-investor Eddie Lampert has cut his stake in Citigroup Inc. (NYSE: C) by 31%, leaving him with a position of 19.1 million shares valued at a little under $500 million. It is likely that Mr. Lampert sold the shares at a substantial loss.
Lampert's large presence in the stock was a source of confidence for battered bulls who watched the stock decline through subprime write-downs and a managerial shake-up. Long considered to be one of the great value investors, Lampert's latest 13-F filed with the SEC shows stakes in Acxiom Corp. (NASDAQ: ACXM), AutoNation Inc. (NYSE: AN), AutoZone Inc. (NYSE: AZO), Citigroup, Home Depot Inc. (NYSE: HD), and, of course, Sears Holdings Corp. (NYSE: SHLD).
Lampert's decision to cut his stake in Citi has to make investors nervous. He's ridden the stock down for months, and it hasn't exactly been rebounding.
Last year was tough for Lampert, with Sears' stalled turnaround bringing him poor returns and the worst publicity of his career.
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
Reader Comments (Page 1 of 1)
2-18-2008 @ 11:46AM
spin said...
SPITZER; the Govenor of NY should be hung for the harm he did to Citi Group & others to get the govenorship.
Being governor is more important to him than the damage he has done to the economy.
2-18-2008 @ 11:53AM
spinmiller said...
Gov. Spitzer of NY should be hung for the action he took against Citi group.
He destroyed a primier company for his ambition to become the Governor.
His concern is not for our economy but for his own ambition. If he runs for any other office remember this. I thought NY voters were more intelligent than to elact this self centered POLITICIAN