UPDATE: Citi - too big to fail? May get bailed out...
Citigroup, ticker symbol C, plunged 20% today, on massive volume - 1 billion shares traded hands today alone. Wow. I'm sure it's happened before, but I've never seen a stock trade one billion shares in one day.
Typical volume on the entire NASDAQ is usually 2 billion shares trading hands, for ALL companies listed on that exchange. (C trades on the NYSE, which has higher daily volume, but still.)
Citigroup stock is down almost 90% in one year. So much for buy and hold.
From the WSJ:
Meanwhile, Citigroup plunged to levels not seen in 15 years as investors lost faith in the Treasury Department's efforts to stabilize the banking system. Traders say the Treasury's decision last week not to buy distressed assets abruptly changed the outlook for banks.