Citicorp, whose share price broke through the three-digit level in 1996, did it again last week-in the wrong direction.
Shares closed below $100 Thursday, the first time since Dec. 16, 1996. On Friday, they closed at $92.50, down $6, having sunk as low as $89.125 during the day.
Is the drop just symbolic? Perhaps. Citicorp led banks in market capitalization for many years, and the $100 price was widely taken as a sign of the industry's revival.
But Citicorp still has a lot of spark, analysts say. Last week's slide was from "outside forces," like the crisis in Russia, said banking analyst Michael Mayo at Credit Suisse First Boston. "Investors weren't looking at its true value."