Citi (C) Drops Below $5

Citi (NYSE: C) is continuing to get hammered by the market and has fallen below $5 today. Many are speculating that Citi will have to raise more money, and therefore, Citi will likely have another dilutive share offering.

Earlier today, StreetInsider wrote a note regarding Oppenheimer's Meredith Whitney opinion about why Citi sold its brokerage unit. The analyst believes that the move can only be viewed "as a way for Citi to raise cash" ahead of its Q4 earnings report, which is expected out this Friday, January 16. Considering the effects of Citi's "ongoing asset deflation" challenges, Meredith sees further downside and advances toward asset monetization.

I am hearing Meredith Whitney will be on CNBC's Closing Bell during the 3PM hour, so brace yourself, for her to potentially bring the market down further.

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Citigroup Inc., doing business as Citi, provides a range of financial products and services to consumer and corporate customers in the United States and internationally.

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