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Friday, October 03, 2008
Citi Dives As Wachovia Deal Falls Apart, But Financials Gain
Greg Morcroft
MarketWatch Pulse
NEW YORK -- Citigroup shares fell more than 10% in early Friday trade after its planned acquisition of Wachovia Corp's banking assets fell apart when Wells Fargo trumped that deal and agreed to buy all of Wachovia for about $15 billion, or $7 a share. Wells Fargo shares rose 8.5%, and Wachovia shares soared 75%. The broader financial sector rallied sharply on renewed hopes the House will pass a bill aimed at helping a broken financial system stabilize. The Financial Sector Select SPDR , an ETF tracks the financial stocks in the S&P 500, rose 3.7%
Copyright © 2008 MarketWatch, Inc.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
