Citigroup (C) volatility collapses on reverses stock split and reinstated dividend

Citigroup (NYSE: C) calls are active on 779K contracts (365K puts) after announcing a 1-for-10 reverse stock & reinstated quarterly dividend of 1c. April call option implied volatility is at 25, June is at 26; below its six-month average of 38 according to Track Data. CLSA's Mike Mayo has a price target of $4.50 with a Underperform rating on C.

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