Citigroup (C) Jumps Higher

Shares of Citigroup, Inc. (NYSE: C) are seeing significant upside action today. The stock last traded up 3 percent, sharply outperforming the sector ETF XLF (NYSE: XLF), which is up just 1 percent.

Next month the company will complete its 1-for-10 reverse stock split. The reverse stock split will be effective after the close of trading on May 6, 2011, and that Citi common stock will begin trading on a split adjusted basis at the opening of trading on May 9, 2011.

Today's move could be related to portfolio re-balancing out of recent winners and into recent losers.

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