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Pimco Has Quit CIT's (CIT) Bondholders Steering Committee
Wednesday, October 7, 2009 - 12:02pm | 39According to the Wall Street Journal, Pimco has quit CIT's (NYSE: CIT) bondholders steering committee. The news is not having much of an impact on CIT as it has been slightly down all day.
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A "Buy Anything" Market
Tuesday, October 6, 2009 - 12:02pm | 435I was patting myself on the back as I looked at the huge surge in the portfolio today - each and every long position is up, most materially so. Then I went into my watch lists which are literally hundreds upon hundreds of stocks - probably around 400. Excluding 50 or so which are "highly...
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CIT Group (CIT) may tie-up with Goldman Sachs for financing tie-up
Monday, October 5, 2009 - 12:33pm | 96Among regional lenders, troubled CIT Group (NYSE: CIT) moved up by almost 0.85% amid news from Dow Jones that the company is in talks with Goldman Sachs regarding a $3 billion loan tie-up. This morning, a leading newspaper reported that CIT Group's recently proposed debt-restructuring plan, even...
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If CIT (CIT) Fails, Goldman Sachs (GS) Wins The Jackpot
Monday, October 5, 2009 - 9:43am | 211This weekend is reported that Government Sachs, I mean Goldman Sachs (NYSE: GS) could reap as much as $1 billion if CIT (NYSE: CIT) files for Chapter 11 bankruptcy protection, according to the FT. Goldman Sachs would earn approximately $1 billion, while us, US taxpayers, would stand to lose...
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Today’s Top Gainers (BBT,CCRN,CIT,IVZ,LVS)
Friday, October 2, 2009 - 6:02pm | 326BB&T Corporation (NYSE: BBT) jumped up 4.6% to $26.71 on 13.71 million shares after tThe seventh- largest U.S. bank by deposits was raised to “outperform” from “market perform” by Keefe, Bruyette & Woods Inc. The bank has “strategic advantages” as a Troubled Asset Relief Program...
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CIT Group Inc. (CIT) Climbs 16% in Premarket
Friday, October 2, 2009 - 8:28am | 205CIT Group Inc. (NYSE: CIT), the 101-year-old commercial lender, is seeking to cut at least $5.7 billion of debt to help it avoid collapse and return to profitability after nine quarters of losses. CIT asked bondholders to exchange unsecured obligations for new secured debt maturing in four to eight...
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Nasdaq - Can It Hold The 1700 Level?
Thursday, October 1, 2009 - 9:38am | 162The Nasdaq(NDAQ) has been struggling to stay above the 1700 level as of late. It has been trading within a range of 1690 - 1740 in the past month, putting in a series of lower lows as the chart above clearly depicts this. The chart needs to be watched carefully as it could break out either side of...
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Biggest Losers (CIT,ICON,RGN,LUNA,RMTI)
Wednesday, September 30, 2009 - 12:10pm | 411CIT Group Inc. (NYSE: CIT) plummeted 35% to $1.42 on huge volume of 355.75 million shares as according to reports from Reuters, CIT is near a plan to turn itself over to its bondholders, citing sources familiar with the matter. CIT is preparing an exchange offer that would eliminate up to 40% of...
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CIT Group Inc.(CIT) may slip lower ahead of bankruptcy grace period
Wednesday, September 30, 2009 - 9:30am | 106CIT Group Inc. (NYSE: CIT) shares plunged heavily to $1.2 from yesterday’s close of $2.2 in pre-market trading on Wednesday as the commercial lender is fighting against a deadline to ensure that it does not need to file for bankruptcy in two more days. CIT Group Inc, is now considering a financing...
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CIT Group Inc. (CIT) hammered down by almost 50% in premarket after a report
Wednesday, September 30, 2009 - 7:55am | 148CIT Group Inc. (NYSE: CIT) shares are down more than 48% to $1.15 in premarket trading as the commercial lender is reportedly trying to craft an exchange that would cut its debt and offer bondholders an equity stake in the company in a bid to avoid bankruptcy. The Wall Street Journal says CIT...
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CIT Group (CIT) Up Big on Merger/Loan Possibilities
Tuesday, September 29, 2009 - 2:52pm | 110CIT Group (NYSE: CIT) is up 17% at $1.97/share on over 2X normal volume. There are two possible reasons for the jump. Earlier today many were speculating that CIT would possibly merge with Indy Mac Bank (the firm that failed in 2008) but was reincarnated as Indy Mac Federal Bank. However later in...
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Today's Morning Top Gainers (SNR,NVGN,GCI,WAG,CIT)
Tuesday, September 29, 2009 - 10:44am | 461Sunair Services Corp. (AMEX: SNR) is the top percentage gainers in morning trade and surged among 45% today to $2.68 on unusual volume of 1.72 million shares after today it announced that it has entered into a definitive merger agreement with Massey Services, Inc. pursuant to which Massey would...
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PHH Corporation (PHH) Announces Senior Notes Issue
Thursday, September 24, 2009 - 8:38am | 76PHH Corporation (NYSE: PHH) a leading outsource provider of mortgage and vehicle fleet management services, announced the pricing of $220M in aggregate principal amount of 4.00% Convertible Senior Notes Due 2014, also granted the initial purchasers of the notes a 25-day over-...
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Biggest Losers (EEE,FTBK,ATPG,RTK,CIT)
Wednesday, September 23, 2009 - 11:35am | 314Evergreen Energy Inc. (NYSE: EEE) plummeted 45% to $0.569 on huge volume of 7.10 million shares . Today, Evergreen Energy Inc., a green energy technology solutions company, provided an update on its process to sell Buckeye Industrial Mining Co. and its financing alternatives..On September 18, 2009...
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Top Traded Stocks (C,AIG,S,ABK,CIT)
Tuesday, September 22, 2009 - 11:47am | 253Citigroup Inc. (NYSE: C) is the top traded stock and surged 4.64% to $4.64 on 336.43 million shares against an average volume of 436.66 million shares Today, Citibank has signed a deal with Richard Branson’s Virgin Money to offer products and services of new credit cards, mortgages and retail...