Closing Bell: Bears sneak in a win (C, CSCO, DRYS, GE, TOL, VZ)

Citigroup, Inc. (NYSE: C) today came off after the 200% run up of late. The company has issued a share exchange offer for outstanding convertible and non-convertible preferred and trust preferred securities that will be highly dilutive to common holders. It is going to seek a reverse stock split as well. Shares were down 11% to $2.73 right before the close.

Cisco Systems, Inc.(NASDAQ: CSCO) fell after the announcement that it was acquiring privately held Pure Digital Technologies, the maker of the popular Flip Video™ cameras. Shares were down 1.7% to $16.22 shortly before the close.

DryShips Inc. (NASDAQ: DRYS) rose after it received a 'letter of award' from Petrobras for a 3-year period that could be worth $630 million total. Shares were up 24% to $5.19 shortly before the close.

General Electric Company (NYSE: GE) sold off marginally after it had its big GE Capital portfolio update. The company managed to quell many fears out there about what was in its portfolio, but it also gave data which may lead to analysts trimming estimates. Overall the news was good, but after an almost 100% run up profit takers took the stock down 1.8% to $10.12 shortly before the close.

Toll Brothers Inc. (NYSE: TOL) has submitted two different filings showing insider selling in shares. CEO Robert Toll has unloaded 1 million shares of common stock this week. Shares were down 0.2% to $18.00 shortly before the close.

Verizon Communications Inc. (NYSE: VZ) was sued by the New Jersey Attorney General. The suit alleges that FiOS TV, Internet and telephone service deceived customers over pricing and promotional gifts. Shares were down 2% to $30.15 shortly before the close.