Alright set more for carnage next week. Friday a bit of a downer again. If this breaks over the 1.23 area the bets off. Esp. 1.30 Very good R:R here, but of course market usually likes to surprise to the upside. Fun to keep an eye on it but not trading it. Regardless barring sig news this thing should drift lower
CIT 1.03's now and no bottom in sight. Want to see this break (CH. 11). Should send some shivers thru the market.
Eh they tried to toy with it. All it did was let the rest of the insiders out. Bid @ .78 go CIT. Make it happen. hah. The cycle on this was SURE bankruptcy. Shows how difficult to trade these plays can be though on the short side.
how will whatever carl icahn is doing affect this? if at all? http://www.rttnews.com/Content/QuickFacts.aspx?Node=B1&Id=1109308 &Category=Quick Facts
CIT, Icahn reach a tentative deal on restructuring. Icahn will provide a $1 billion backup line to CIT - wsj
Yup just saw it. He stepped in the way of the train. He's been on a cold streak lately that's for sure. I loaded in CITQ into my ticker...not showing up YET ;P
More to come. S&P rates it a 3 star stock with a 12month price target of 2.00 as of 10/28/09 S&P Recommendation GICS Sector Financials Sub-Industry Specialized Finance Price 12-Mo. Target Price Investment Style $1.06 (as of Oct 28, 2009) 12mo Target Price $2.00 Small-Cap Value ➤ The shares recently traded at about 0.12X CIT's tangible book value of $7.48 per share at the end of the second quarter, a discount to the peer average multiple. Our 12-month target price of $2.00 is based on a 0.35X multiple ap- plied to our 12-month projected tangible book value, a steep discount to the stock's historical average multiple. October 28, 2009 UP 0.12 to 1.08... CIT says it has expanded its current $3B senior secured credit facility by an additional $4.5B. Says additional $4.5B being provided by a diverse group of lenders, incl. many of co.'s bondholders, will be secured by substantially the same assets as the existing $3B tranche, any additional collateral that becomes available as a result of co.'s refinancing of certain existing secured credit facilities. S&P maintains hold.... October 28, 2009 02:22 pm ET ... S&P MAITAINS HOLD RECOMMENDATION ON SHARES OF CIT GROUP (CIT 1.08***): Shares reversed earlier losses after the company announced it had arranged a $4.5 billion secured credit facility with a group of lenders, maturing in 2012. The funds will likely be utilized to meet the credit needs of its customers, but a full restructuring remains necessary. CIT also said it was unconvinced Carl Icahn, who had previously stated that he would lend to the firm, could fund neccessary loans, and it instead looked to a diverse group of lenders. We would maintain, but not add to positions. /M.Albrecht
K think my ticker's fixed. That 'Q' should load just fine after tomorrow ---------------------------------------------- http://www.bloomberg.com/apps/news?pid=20601087&sid=aGR8yTH2eLwY&pos=1 CIT Group Files for Chapter 11 Bankruptcy Protection