CIT Group (CIT) NewsBite - CIT Strikes Deal With Bondholders

Posted: Monday, July 20, 2009 11:09 AM EDT

CIT Group (CIT) was covered in a Bloomberg Video Report today and the stock is now at $1.34, up $0.64 (91.43%) on volume of 203,356,624 shares traded. To see the video report go to http://www.marketintelligencecenter.com/VideoNews . Over the last 52 weeks the stock has ranged from a low of $.31 to a high of $13.00. CIT Group stock has been showing support around $.24 and resistance in the $1.16 range. Technical indicators for the stock are bearish and S&P gives CIT a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on CIT the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 1 range. [ABR-Seven Summits Strategic Investments NewsBite]

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