Thomas Cook shares plunge after Citigroup's 'zero' valuation

Thomas Cook has seen its shares plummet by a further 40% after banking analysts cut their target price on the holiday firm's stock to zero.

Citigroup downgraded its rating to"sell" in the wake of the latest profit warning by the world's oldest travel company, which had already led to a fall in its shares of almost 15%.counted the cost of Brexit uncertaintyThe company also said its full year profits would come under pressure - the third such warning in less than a year.

Thomas Cook said it was cutting 150 jobs at its head office in Peterborough as it continues to reduce costs.Citi said the latest profit update might"unsettle consumers and drive further weakness in bookings". "Debt markets are clearly highlighting the risk of financial distress and a debt for equity swap or substantial rights issue are both probable outcomes in our view," Citi analysts said in a note.

1st words due to profits warning was uncertainty over brexit. News reader then said Jet2 gained the most & over taken TC to 2nd biggest 'travel agent' - seems brexit not effected them or record numbers who booked with them.

I refuse to use them...

Blaming brexit is a cop out

Useless company anyway. I was about to book a £2000 holiday until I found out I was expected to go on a Ryanair plane

Low margin, high-cost business. Only takes a small dip in volume to hit the balance sheet. Talking down shares won't help it either,

Blame volcanic ash clouds, blame hot UK summers, blame Brexit. In the end you simply run out of excuses...

Here comes administration

Should have closed all the shops years ago, most people buy online.

Holiday in the UK. Stuff the EU

It'll be gone soon.

Who last used one of there shops to book a holiday..

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