CIT Group (CIT) NewsBite - CIT Provides Financing to Snoqualmie Tribe Casino

Posted on Monday, July 21, 2008 10:13 AM

CIT Group Inc. (CIT) opened at 9.10. So far today, the stock has hit a low of 8.91 and a high of 9.19. CIT is now trading at 9.04, up 0.30 (3.30%). The stock hit its 52 week high of 50.10 in July and set its 52 week low of 5.80 in July. CIT has been moving downwards for the past year. CIT Group announced this morning it has provided a senior secured credit facility to the Snoqualmie Entertainment Authority to complete its development of the Snoqualmie Tribal Casino in Seattle, WA. Technical indicators for the stock are neutral and improving while S&P gives CIT a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider an October bull-put credit spread below the $5 range. CIT stock could fall up to 44.7% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]