Citigroup downgrades span style="font-weight: bold;"Flour (NYSE:FLR)/span to Sell from Hold partially on the Obama Overbuilt thesis, but also on project-specific risk at Al-Zour. They find FLR shares are up ~60% since mid-November, and this cannot be accounted for by 1) the Obama impact and 2) the recent rally in energy-related shares. They also believe there is increasing risk Fluor’s piece of the $15 billion Al-Zour refinery may be canceled by the Kuwaiti Oil Ministry.br /br /span style="font-weight: bold;"- Citi calculates an average EPS impact of the Obama plan less than 5% over the next two years./span This impact has been more than factored into Eamp;C shares over the last four weeks as the names are up 76% - far more than both the Samp;P Energy Index and the impact of a stimulus package. Risk of Obamamania hitting a reality check is high, particularly hen oil prices have slid over ...

Citigroup is getting a big dose of government handout because of its portfolio of toxic debt. $306 billion worth. brbrCitigroup is going to dump a bunch of its crappy assets but one category it wants to hold on tight to is its a title=citigroup target=_blank href=http://www.bloomberg.com/apps/news?pid=20601087sid=aXLnfl1jry8Qamp;refer=homeemerging markets /aassets. brbr “Our emerging markets franchise is the core of the company. We have a clear strategy to develop our business with a primary focus on emerging markets, and that means Asia, the Middle East and Latin America.” brbrbrbr