E*Trade Reverse Split Due June 2 (ETFC, C)

NEW YORK (TheStreet) -- E*Trade Financial ETFC shares slipped nearly 3% in premarket action as the online brokerage said its previously approved reverse stock split will take effect a week from Wednesday. E*Trade shareholders approved a 1-for-10 reverse stock split at their annual meeting on May 13. The reverse stock split will combine 10 shares each of issued and outstanding common stock into one share of common stock, the online brokerage said. Reverse stock splits are typically implemented by troubled companies if the price of its common stock has fallen unreasonably low and the company is looking to bolster investor appeal of the stock. Citigroup C is one such company contemplating a reverse stock split. Citigroup shareholders approved at the annual meeting last month a measure to extend the board's authorization of implementing a reverse split through June 30, 2011. Read the rest of this story on TheStreet.com