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  • Citigroup Inc. (NYSE:C) : Why Is It Dropping Today?

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    Thursday Apr. 14, 2011 at 12:21 pm EST
    Citigroup Inc. (NYSE:C) ; Wht it Dropped Today
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    Citigroup Inc. (NYSE:C) shares are dropping on overall negative sentiments in the market. But the biggestreason of the drop is lack of confidence among investors for next week's earnings.

    Citigroup Inc. (NYSE:C) also announced that it hired former Citadel LLC senior executive Brad Kurtzman as head of U.S. equity derivatives trading.

    Kurtzman started with Citigroup Inc. (NYSE:C) this month and reports to Simon Yates, head of equity derivatives for the Americas, said Danielle Romero-Apsilos, a spokeswoman for the New York-based bank. Kurtzman previously led equity derivatives in the securities unit of Citadel, an $11 billion hedge fund run by billionaire Kenneth Griffin. He left the unit as of January.

    Citigroup Inc. (NYSE:C) may say equity trading revenue dropped 13% to $1.1 billion from the same period last year, according to Moshe Orenbuch, an analyst at Credit Suisse Group AG in New York. Citigroup Inc. (NYSE:C) is scheduled to announce earnings next week.

    Shares of Citigroup Inc. (NYSE:C) are trading at $4.41 on Thursday at support level of $4.42. Major resistance points above Monday's close are at $4.58, $4.68, $4.79, $4.92 and $5.08 while major support levels for Citigroup Inc. below $4.41 are at $4.27, $4.14 and at $3.89.

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