CIT shares halted last trade up 1.9% at $1.64

Discussion in 'Stocks' started by ASusilovic, Jul 15, 2009.

  1. Illum


    BK it, and divide up loans to vultures. Can we once have the idiot shareholders and bondholders take a hit?
    #11     Jul 15, 2009
  2. Yawn, expect it to go down 60% or so when it opens and then rocket up 30%+ the day after tomorrow.

    Rinse and repeat on all these crap bankrupt penny stocks.
    #12     Jul 15, 2009
  3. Illum


    This article says they could file as early as tomorrow morning.

    Not to turn too political, but wouldn't you think if they went out and market took a dive, the administration would lose some political capital? I wonder if they are calling JPM GS BAC for a buy under. Although I'm pretty sure BAC has unplugged their government phone. I like free market and CIT going away, I'm wondering if it's possible. Do you think treasury are up all night tonight, or are the lights out?
    #13     Jul 15, 2009
  4. hayman


    Initial yawn, but this will effect the Financials, and I would expect DOW as a whole to retrace 200 points tomorrow.
    #14     Jul 15, 2009
  5. Bob111


    not by morning, but tonight!
    just curious-how do you file for bankruptcy on middle of the night? specially, when bunch of their bonds are due TODAY. Lehman did exactly same s*t,and they did file ON maturity date
    what a bunch of shameless mofos
    #15     Jul 15, 2009
  6. CIT Annual report 2006.
    2006 was a terrific year as we gained momentum
    in becoming the global finance leader in the mid-
    dle market. We delivered solid financial results
    highlighted by strong top-line growth, exceptional
    credit quality and a double-digit increase in EPS.
    Moreover, we made significant progress strength-
    ening our global franchise and positioning our-
    selves for future growth.

    One year later (2007 AR)

    Two thousand and seven was an extremely challenging
    year for financial institutions and it proved to be oneof
    the most difficult in CIT’s 100-year history. Ourperfor-
    mance was adversely affected by the downturn in the
    housing market, the legislative changes surrounding
    education lending and the tightening of the capital
    markets. Despite these setbacks, which resulted in
    a net loss of $111.0 million for our company and
    a 57% decline in our share price, we are a resilient
    company focused on building value for our share-
    holders, our customers and our employees. We have
    demonstrated this resiliency time and again over the
    past century, as we navigated successfully through more
    than 19 business cycles since our founding in 1908.

    And then 2008

    This past year was one of the
    most challenging periods in our
    100-year history. The financial
    markets underwent major disrup-
    tions that tested the resolve and
    resiliency of every participant,
    including CIT. While the near-
    term prospects for the economy
    remain unclear at best, what is
    clear is that we entered 2009
    as a well-capitalized bank holding company with
    leading market positions and unparalleled industry
    expertise. During 2008 we took significant steps to
    position CIT for long-term success and to capitalize
    on what I believe will be strong opportunities once
    the business environment improves.companies. These two sectors are the backbone of
    the U.S. economy and will undoubtedly lead the way
    to economic recovery. We stood by our clients during
    this difficult period, as we have for more than a century
    spanning 19 business cycles. In part as a result of this
    steadfastness, our Trade Finance and Transportation
    Finance segments earned double-digit returns. Our
    Corporate Finance segment, however, was impacted
    by weakening economic conditions and rising credit
    costs, which resulted in the need to increase reserves.
    In Vendor Finance, we made progress on our pledge to
    bring this business back to profitability, and we intend to
    restore this franchise to acceptable earnings and returns.
    Looking ahead, we expect 2009 to be very challenging.
    We will continue to be prudent in managing our capital,
    #16     Jul 15, 2009
  7. Bob111


    this statement above looks like forex traders's what will happens to you, when you use to much leverage.
    #17     Jul 15, 2009
  8. The entire US economy was one big leveraged scam.

    And now these firms are falling like dominoes.

    I see more big failures looming and S&P revisiting the 600 range.
    #18     Jul 15, 2009
  9. Illum


    #19     Jul 16, 2009