Citigroup Shuts Its Egyptian Branches Until Further Notice and 2 More Heavily Traded Stocks to Follow
Citigroup Inc. (NYSE:C): Current price $50.43
After receiving instructions from the Central Bank of Egypt, Citi has closed all its branches in the troubled country. The branches will remain shut until the firm gets further word from CBE to act to the contrary. All the financial institutions, including Egypt’s stock exchange, have been ordered to stay closed for this week because of the violence. Citigroup began operating in Egypt in 1975 and have been offering consumer and institutional banking services since that time. Currently, it has 9 branches across the country with 650 employees and a net investment of $250 million there.
AT&T Inc. (NYSE:T): Current price $34.16
AT&T announced Friday that it will commence offering the Moto X smartphone from Google’s Motorola Mobility division beginning August 23. AT&T’s statement indicated that the “customizable version of Moto X is the first smartphone designed by you, assembled in the USA and available only for AT&T, and will be built and shipped within four days.” The telecom intends to offer the Moto X smartphone’s 16-gigabyte version for $199.99 and its 32-gigabyte option for $249.99. Both phones require a two-year agreement and can be customized at retail outlets and on its website.
Applied Materials Inc. (NASDAQ:AMAT): Current price $15.65
Shares of Applied Materials were up 1.6 percent in late afternoon trading Friday on word of the appointment of a new chief executive and an improving outlook. Late Thursday, the company announced the choice of company President Gary Dickerson as its new CEO, effective September 1. The present Chief Executive Michael Splinter will become executive chairman. He served for seven years as CEO of Varian Semiconductor Equipment Associates until its purchase by Applied Materials in 2011.