Citigroup, Wachovia Shorted

Apparently -- to paraphrase the old E.F. Hutton ad -- when billionaire investor Michael Price talks, people listen.  Especially when his talk is backed up by analysts who have more or less the same outlook as he does.  Price said earlier today he is short-selling Citigroup (C) and Wachovia (WB), two of the largest banks already hardest hit by the ongoing mortgage crisis. 

Both Citigroup and Wachovia are down in today's trading -- -3.5 percent and -8.4 percent, respectively.  Both companies have also been under fire by analysts covering the stocks.  No fewer than 6 analysts have downwardly revised September quarter estimates for Citigroup in the last month, while 12 analysts have done the same for Wachovia.

Citigroup currently has a Zacks Rank of #4 (Sell), and Wachovia is a #5 (Strong Sell).  In fact, the only financial stock under coverage by Zacks Equity Research that currently rates a Buy is Dollar Financial (DLLR), which is also down over 2.5 percent today, but has a current target price of $22 per share.

Read the full analyst report on C

Read the full analyst report on WB

Read the full analyst report on DLLR