NEW YORK (CNNMoney.com) -- All you need is a dollar and a dream. That used to be one of the slogans for the New York State lottery.Today, you could say the same thing about buying Citigroup stock. Shares of the quasi-nationalized bank closed at just $1.02 Thursday. And if you are investing in Citi (C, Fortune 500) now with the hopes that its fortunes may soon improve, you clearly are dreaming.
Citi is not alone. There are many other brand-name companies trading in so-called "penny stock" status, a term typically used to describe firms with a share price below $5. And more and more companies are joining this dubious group by the day. Talkback: Have you lost all faith in the stock market?I took a look at well-known penny stocks back in mid-November. At that time, 27 of the companies in the S&P 500 had a share price below $5. Through Thursday's close, that number has grown to 51.
What's more, thirteen of those stocks are worth less than what the annoying paper boy asked for in "Better Off Dead" - Two dollars! 0:00
/3:46Stocks for price of light bulbIn addition to Citi, shares of AIG (AIG, Fortune 500), GM (GM, Fortune 500), Ford Motor (F, Fortune 500) and Fifth Third Bancorp (FITB, Fortune 500) also cost less than a bottle of Two Buck Chuck from Trader Joe's.
Read More
