Citi (C) is up 8.4 percent and the best gainer in the Dow Jones Industrial Average midday Friday. The Citi June 5 call is the day’s most actively traded options contract, with more than 103K contracts traded. (Citi May 4, May 5, and June 4 puts round out the top four most actively traded contracts Friday.) Shares rallied and investors flocked to Citi call options after government stress test results indicated the bank needs $5.5 billion in capital, which it will obtain by expanding its previously disclosed public exchange offers.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.