What did I miss?? CIT

Big drop this afternoon and making a weak attempt at a climb back without success.

I can't find any news but I know I missed something..

CIT??

 

CIT Suspends Preferred Dividends To Conserve Cash

http://money.cnn.com/news/newsfeeds/articles/djf500/200908071537DOWJONESDJONLINE000575_FORTUNE5.htm

 

Because suspending the dividends is going to help.

 

Right, but that was announced at about 10 AM. The hit came 4 hours later.

I'm pretty sure the carrier pigeon had the message delivered quicker than that.

 

Ya, $50mil a month won't do much at all, and it can be a sign they're preparing for BR or a package inclusive, but still, that was 4+ hours earlier.