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CIT Stock Spikes on News of Bondholder Deal
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by Jordan Yerman | July 20, 2009 at 11:42 am
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CIT Group, which had been flirting with bankruptcy, has secured some last-minute funding. The news sparked a massive surge in CIT stock.
The US federal government had given CIT Group over $2 billion in TARP funding, and recently turned down a request for yet more financial aid.
If no new financing were arranged, CIT, one of the nation’s largest lenders to small and midsize businesses, had been expected to file for bankruptcy protection as soon as this afternoon. An announcement of CIT’s agreement was expected today, people briefed on the matter told DealBook.
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Freddie MacDaddy (not verified)
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at 10:53 on September 25th, 2009
CIT is a steal right now. They will be issuing a report in 1 week (Oct 1st) with a plan to bring them up from the ground. Today is the lowest the stock will be so buy now to capture the QTY before the price soars over $2.00 next week. At $1.62 per share you can't go wrong.