CIT Group (CIT) NewsBite - CIT Rises On New Credit Line

Posted: Tuesday, November 04, 2008 11:15 AM EDT

CIT Group (NYSE: CIT) opened at $5.40. So far today, the stock has hit a low of $5.38 and a high of $6.04. CIT is now trading at $5.89, up $1.37 (30.31%). Over the last 52 weeks the stock has ranged from a low of $2.65 to a high of $32.25. Shares of CIT are rising today after the company announced it has secured a $500 million financing facility with Wells Fargo & Co. (WFC). The facility will be used by CIT to finance both new and existing loans. Technical indicators for the stock are neutral and S&P gives CIT a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on CIT the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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