From todays apple event we start with a major selloff in the financials the biggest driver in the market with the xlf falling more than 1. 3 citi dropping 7 today under pressure that regulators could crack down on the banks Risk Management systems the stock is now down more than 12 in the past two sessions guy . Dan nathan has been talking about this for a while one of the things weve said is todays banks are much different than ten years ago theyve become utilities you have to look at them differently and you have to factor in valuations much differently. Ill say this quickly about citi right now at 45 the stock is now trading 63 of tangible book, assuming that tangible book is accurate thats levels we last saw probably in the financial crisis these are trough valuations in terms of the price of tangible book i think Warren Buffett told you everything you need to know about us banks hes obviously paring down exposures in banks i think that tells you a lot as well in terms of citi, its
A contractor for the N.C. Department of Transportation will begin lane closures on a three-mile stretch of U.S. 1 in Moore County for four consecutive nights starting this weekend.
A contractor for the N.C. Department of Transportation will begin resurfacing a Moore County section of N.C. 22 this weekend that will require nightly lane closures.
A section of U.S. 13 near the U.S. 70 Bypass will be closed for the weekend as N.C. Department of Transportation crews replace a drainage pipe underneath the road.