First, good for you to try to check it out.
CIT-a is, be assured, no "microstock"; it is a prefered stock from Citigroup. It IS thinly traded, but that does not matter - read on:
You can see the investment in two locations - http://finance.yahoo.com/q/bc?s=CIT-PA&t=5d shows the thin trading and 5-day chart
Quantum Online shows the prefered's detail:
http://www.quantumonline.com/search.cfm and input 'cit-a' (without the quotes) in the search box.
Prefered Stocks are corporate bonds that trade like a stock, but have the benefit of known dividend yields, and known call dates (and sometimes, known maturity dates). Note: CIT-a does not mature -- they have to keep paying you the dividend of $1.5875 per year until they pay you $25.00 per share to buy it back from you. If you buy at $7.90 per share, that means your yield and minimum capital gain are as stated in my first note. The ONLY ways to lose are: Sell at a loss someday, OR, Citigroup goes bankrupt.
Sweet!
$0.0 (10/22/08)
