ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Soros, Paulson Reduce Bank Stakes; Soros Takes on Facebook

By Liz Moyer and Erik Holm Hedge fund managers reported significantly reduced--and in some instances eliminated--stakes in big banks, including J.P. Morgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), as well as food companies such as Kraft Foods Inc. (KFT) in the second quarter. Billionaire investor George Soros's Soros Fund Management LLC eliminated positions in J.P. Morgan Chase and Goldman, as well as Citigroup Inc. (C), according to a regulatory filing late Tuesday. The investment company also reported a new stake in retail giant Wal-Mart Stores Inc. (WMT) and a 341,000-share stake in Facebook Inc. (FB). John Paulson's Paulson & Co. reported no holdings in Metlife Inc. (MET) and SunTrust Banks Inc. (STI), down from 1.8 million shares and 5.7 million, respectively, at the end of the first quarter. Paulson also reported reduced holdings in J.P. Morgan Chase, Hartford Financial Services (HIG), Capital One Financial Corp. (COF) and Bank of America (BAC). Meanwhile, Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) reported smaller stakes in consumer giants Kraft and Procter & Gamble Co. (PG). Berkshire also reported a new position in oil-field-equipment maker National Oilwell Varco Inc. (NOV) and increased stakes in International Business Machines Corp. (IBM) and Wells Fargo & Co. (WFC), a longtime holding. The changes suggest an uncommonly active quarter for Mr. Buffett and Berkshire's new portfolio managers, Todd Combs and Ted Weschler. In particular, Berkshire's holdings in Kraft and Procter & Gamble dropped significantly. The positions were revealed in Berkshire's quarterly 13F filing, a disclosure required by many large investors. Berkshire reported its holdings in Kraft were 25% lower at roughly 59 million shares. The food giant is close to completing a split into a global snacks company and a North American grocery business. Berkshire's stake in P&G fell nearly 20% to about 60 million shares. Berkshire's apparent retreat from the company comes at a key time for P&G, which continues to lose market share and is feeling increasing pressure from activist hedge-fund investor Bill Ackman. Pershing Square Capital Management, the fund run by Mr. Ackman, has 21.8 million shares of P&G and call options on an additional 8.3 million shares, according to its filing. Pershing also reported it no longer held a stake in Kraft in the second quarter, a change from the previous quarter when it held more than 15 million shares. Mr. Ackman hasn't revealed specific intentions for P&G but said he is interested in meeting P&G Chairman Bob McDonald. Activist hedge-fund managers often accumulate a sizeable stake in a company by purchasing shares and related options before pushing for corporate changes. Pershing reduced its Citigroup stake to 1.1 million shares from 26.1 million at the end of the previous quarter. Another activist investor, Nelson Peltz's Trian Fund Management L.P., reported it no longer had a stake in Dominos Pizza Inc. (DPZ) and lower stakes in Kraft and Tiffany & Co. (TIF) while adding to a position in Ingersoll-Rand Plc. (IR) and reporting a previously disclosed stake in Lazard Ltd. (LAZ). Trian didn't publicly report all holdings as of the end of June. Confidential information was filed separately with the SEC, the firm said in Tuesday's filing, as it did at the end of the first quarter. In June, Trian revealed it had taken on a 5.6-million-share stake in investment bank Lazard. In a presentation, Trian said it supported Lazard management's efforts to cut costs and wring more profitability out of the firm, and Trian also pushed for governance changes to Lazard's board. Trian also increased its holdings of Ingersoll-Rand by 7.5 million shares in the second quarter, according to Tuesday's filing. In the first quarter, the firm reported it held 5.9 million shares. On Monday, Ingersoll-Rand said Mr. Peltz would join its board of directors as he pushes to improve profitability at that company. --Amy Or and Brett Philbin contributed to this article. Write to Liz Moyer at liz.moyer@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
07/29/201413:06:07Ruble at 10-Week Low on Russian Sanctions
07/28/201418:40:20Currency Trading Falls Into Torpor
07/28/201410:30:14U.S. Foreign-Exchange Trading Drops
07/28/201410:20:12U.K. Foreign-Exchange Trading Rises
07/22/201413:03:18Judge Delays Decision on Argentine Bonds
07/22/201412:53:15U.S. Judge Delays Decision on Paying Some Holders of Argentine...
07/17/201413:20:15FINRA Securities Arbitration System to Be Examined
07/17/201413:00:39Advocates, Industry Executives to Examine FINRA Securities Arbitration...
07/17/201411:46:53ZF Said Able to Raise TRW Bid to as Much as $13 Billion -Bloomberg
07/17/201401:49:16UBS Sees Ford F-150 Gaining Market Share
07/15/201416:33:45India Shares Close Higher on Global Cues, Positive Economic Data
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201418:35:14MARKET SNAPSHOT: U.S. Stocks: Dow Closes Above 17,000
07/14/201418:34:20BOND REPORT: Treasurys Slide As Risk Assets Take Spotlight
07/14/201418:32:57BOND REPORT: Treasurys Fall As Investors Pile Into Risk
07/14/201418:30:00MARKET SNAPSHOT: U.S. Stocks Rise On Earnings, M&A News
07/14/201418:28:06Citi in $7 Billion Pact to Resolve Mortgage Probe -- 4th Update
07/14/201418:25:52Citi in $7 Billion Pact to Resolve Mortgage Probe -- 3rd Update
07/14/201418:24:15MARKET SNAPSHOT: U.S. Stocks: Dow Tops 17,000, Eyes Record Close
07/14/201418:23:21U.S. Hot Stocks: Hot Stocks to Watch

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad