Stocks set to take a hit

Citigroup's latest troubles likely to send markets into tailspin at open.

November 5 2007: 6:46 AM EST

NEW YORK (CNNMoney.com) -- U.S. stocks were set to take a drubbing at Monday's open after the credit crunch claimed the top executive at Citigroup, which sees billions more in subprime mortgage writedowns.

At 5:35 a.m. ET, Nasdaq and S&P futures were sharply lower.

Charles Prince stepped down as Citigroup's CEO and chairman Sunday, calling the move "the only honorable course" given the nation's top bank's mortgage-securities losses. Those losses could result in another $11 billion in writedowns, although Citigroup (Charts, Fortune 500) said the exact amount depends on market conditions over the next two months.

Asian stocks retreated, reflecting some of the credit concerns raised by the Citigroup news. European stocks were lower in early trading.

Among other stocks in the news early Monday: Ford Motor (Charts, Fortune 500), Eli Lilly (Charts, Fortune 500), Abbott Laboratories (Charts, Fortune 500), Kraft Foods (Charts) and American Financial Realty Trust (Charts).

Oil prices backed away from record highs as the credit concerns and an easing of some of the tensions between Turkey and Kurdish rebels based in Iraq. In electronic trading, light crude was down $1.20 at $94.73 a barrel. Top of page
Contact Us Closed Captioning Manage Cookies+ Site Map

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Contact Us Closed Captioning Manage Cookies+ Site Map

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.