CIT Group
(CIT) opened at $10.44. So far today the stock has hit a low of $9.84 and a high of $10.56. CIT is now trading at $10.18, up 0.99 (10.77%). After hitting a one-year high of $59.60 last June, the stock hit a one-year low of $6.45 in March. CIT was covered in a Bloomberg Video Report today. To see the video report go to
www.gotomic.com/VideoNews. CIT announced this morning that it has secured $3 billion of financing from Goldman Sachs
(GS), which it will use to fund billions of dollars of debt maturing this year. Technical indicators for CIT are neutral and improving, while S&P gives the stock a bearish 2 Stars (out of 5) Sell rating. For a hedged play on this stock, consider a July bull-put spread below the $7.50 range. CIT hasn't been below 7.50 since March. The stock could lose up to 26.1% before this trade runs into trouble. [LHF- Seven Summits Strategic Investments NewsBite]