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By Market News Video Staff, Thursday, September 30, 7:38 PM ET
On Thursday, the Treasury Department reported that it had sold $2.25 billion worth of Citigroup preferred stock as it looks to recoup some of the $700 billion laid out for the financial bailout in 2008. With the preferred shares, the Treasury also announced it had sold another 1.5 billion shares of common stock, bringing its position in the company down to 3.6 billion shares, or 12.4%.
With more shares in the hands of trades, ETFs holding shares of Citigroup can expect to be under pressure in the coming weeks. ETFs with the highest percentage of Citigroup stock in their portfolio include the SPDR KBW Bank ETF (AMEX:KBE), followed by the iShares Dow Jones U.S. Financial Services Index Fund (AMEX:IYG) and then the Financial Select Sector SPDR Fund (AMEX:XLF).
This Article's Word Cloud:AMEXBankCitigroupDepartmentETFsFinancialFundIndexJonesSPDRSectorSelectServicesTreasuryWithalsoannouncedanotherbailoutbillioncomingcommoncompanydownexpectfollowedhandshighestholdingiSharesincludelaidmorepositionpreferredpressurerecoupreportedsharessoldsomestockthattheirthentradesunderweekswithworth
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Analyst Moves: LRCX, GNW
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Daily Dividend Report: NOC, APC, BRCM, PPL, MTB, ACE
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Weekly Market Wrap: May 11, 2012
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