Citi Announces 1,000 Job Cuts in Nevada, Texas, and 2 Other Hot Stocks to Watch
Citigroup Inc. (NYSE:C): Current price $49.17
The nationwide drop in demand for mortgages has hit another big bank in its workforce area: Citi has announced the elimination of 1,000 jobs in its mortgage business units. The cuts will occur mainly in Las Vegas and Irving, Texas. This comes after the firm closing its office in Danville, Illinois, which caused the service termination of 120 employees. During the financial crisis and the beginning of economic recovery, Citi and others took advantage of the low interest rates that boosted income their mortgage refinancing business, but now, with the economic revival gaining traction, rising interest rates are choking off demand for loans.
BlackBerry Ltd. (NASDAQ:BBRY): Current price $8.52
BlackBerry shares are down about 3 percent Tuesday as Monday’s excitement over a possible deal with Fairfax has gone away. The Canadian smartphone maker reported that it has reached the letter of intent phase with Fairfax to negotiate a sale at $4.7 billion, but a closer inspection implies that the deal might have been quickly cobbled together to protect the stock from intensified selling pressure, says Therese Poletti at MarketWatch.
Groupon Inc. (NASDAQ:GRPN): Current price $11.86
Groupon and the world’s pioneer food rescue organization City Harvest are working jointly to present the One Groupon, One Meal campaign which began Monday, and will run through September 29. Each time a subscriber buys a Groupon from the food and drink offerings in New York, Long Island, or Westchester County, Groupon will contribute the cost of one meal to City Harvest. Linked with with the campaign, Groupon will also offer an Epic Deal for VIP attendance to City Harvest’s Bid Against Hunger event on October 22 at Metropolitan Pavilion, located at 125 West 18th Street.