|3/7/13||CIT (Samurai Trader)|
Here's a blast from the past: I thought CIT went belly up back around 2009ish. Apparently they got bailed out, because hey are still with us and staging a breakout today. I actually am not thrilled with this chart: other than a couple of sharp moves, price relative indicates this doesn't really out perform the market much, and CMF looks pretty bad. I have a target projected at over 46, and despite the flaws in the chart, his has a pretty good chance of getting there.
|8/29/12||(CIT) Mid-Size Banks’ Stress Test Delayed (Stock Blog Hub)|
The banking regulators announced that they are contemplating delaying the implementation of the stress test for the mid-size banks and financial institutions (with consolidated assets of $10-50 billion). This comes as a major relief for these institutions. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve Board, the Office of [...]
|8/22/12||(CIT) CIT Group Prices Senior Notes (Stock Blog Hub)|
CIT Group Inc. (CIT) announced the pricing of a registered public offering worth nearly $3 billion. This marks the fourth bond offering by the company in the current year. The public offering includes $1.75 billion of senior unsecured notes due in 2017 and $1.25 billion of senior unsecured notes maturing in 2022. The former senior notes [...]
|8/21/12||(CIT) CIT Group to Redeem Remaining Costly Debt (Stock Blog Hub)|
CIT Group Inc. (CIT), which has been redeeming notes for quite sometime now, announced its decision to redeem the remainder of $681 million of its 7% Series C senior unsecured notes. These notes mature in 2016 and will be redeemed at par on a pro rata basis. CIT aims to complete the redemption on September 17, [...]
|8/10/12||Berkowitz’s Fairholme Reduces Stakes in AAIGF, BRK.A, CIT, OSH, AIG (Value Investing)|
Bruce Berkowitz's Fairholme Funds (FAIRX), a value mutual fund hold which holds a total of $5,561,843,000 worth of assets. Fairholme is down from peak assets of $23 billion only two years ago. Apparently, the firm did not buy any stock during the second quarter of 2012, and only made one purchase in the first quarter. The sales were [...]
|11/7/11||(CIT) CIT Group Resumes CRE Lending Business (Stock Blog Hub)|
CIT Group Inc. (CIT) re-initiated its commercial real estate (CRE) lending business with the launch of CIT Real Estate Finance on Wednesday. The new business will originate and underwrite senior secured real estate transactions in the Boston, New York City and Washington, D.C. areas. When the financial crisis was at its peak in 2008, CIT [...]
|10/24/11||CIT Group Earnings Estimate $CIT (Robert Weinstein Trading Blog)|
Earnings Overview for CIT Group Inc. (CIT) By Robert Weinstein CIT Group Inc. (CIT) is due to report earnings before the opening bell on October 25, 2011. Below you can see the results of CIT over the last few earnings periods. CIT trades an average of 1.7 million shares per day. CIT Group Inc. operates as the [...]
|9/9/11||John Thain, TARP Taxpayer Rapist With Maria Bartiromo (Wall Street Sector Selector)|
CNBC Video - John Thain, CEO of CIT Group - Sep. 9, 2011 Maria doesn't ask him anything about his rape of taxpayers and performs the expected CNBC fellatio of all Wall Street executives. Interview from earlier today. Paulson and Geithner gave CIT...
|4/6/11||Analyst Actions: BRCM, URBN, CIT, CCL, ARO (Stock Wizard)|
Broadcom Corp. (NASDAQ: BRCM): Oppenheimer & Co. on Wednesday upgraded its rating on the company to Outperform from Perform, citing the recent pullback in shares and the company's growth potential. Shares of the company rallied more than 3% in Wednesday's pre-market trading. Urban Outfitters (NASDAQ: URBN): Piper Jaffray this morning upgraded the company to Overweight from Neutral. Urban Outfitters gained more than 3% in Wednesday's pre-market trading. CIT Group (NYSE: CIT):...
|1/11/11||(BA) Boeing Announces More Orders for Commercial 737 Aircraft (Stock Blog Hub)|
The Boeing Company (BA) announced that it received an order from CIT Group Inc.’s (CIT) unit CIT Aerospace to deliver 38 Next Generation 737. CIT Aerospace also booked purchase rights for seven additional 737s. The order comprises two different models of 737, 15 of 737-900ER and 23 737-800 airplanes. The airplanes will be delivered by [...]
|10/26/10||Benzinga's After Hours Decliners (BWLD, PNRA, MYL, CIT, HUN) (Benzinga)|
Among the stocks that are falling on significant volume in the after hours session on Tuesday are Buffalo Wild Wings (NASDAQ: BWLD), Panera Bread (NASDAQ: PNRA), Mylan Labs (NASDAQ: MYL), CIT Group (NYSE: CIT) and Huntsman Corp. (NYSE: HUN). Buffalo Wild Wings (BWLD) reported EPS of $0.47 per share compared to analysts' estimates of $0.44. Revenues were up 14% year over year. The shares have fallen 7.17% to $48.53 in the after hours. Panera Bread (PNRA) has lost 4.61% to $90.00 after...
|10/5/10||CIT to Redeeml $860 Million in Series B Notes (Benzinga)|
CIT Group Inc. (NYSE: CIT) today announced that it will redeem all of its outstanding 10.25% Series B Second Lien Notes maturing in 2015 and 2016. The Company has provided a redemption notice to the trustee and intends to complete the redemption on November 4, 2010. The aggregate principal amount of the 10.25% Series B Notes to be redeemed is approximately $860 million. As provided under the terms of the Series B Notes, the redemption price will be 103.5% of the aggregate principal amount...
|9/21/10||CIT Reduces High Cost Debt (CIT) (Benzinga)|
CIT Group Inc. (NYSE: CIT) today announced that it will redeem all of its outstanding 10.25% Series B second lien Notes maturing in 2013 and 2014. The Company has provided a redemption notice to the trustee and intends to complete the redemption on October 21, 2010. The aggregate principal amount of the 10.25% Series B Notes to be redeemed is approximately $537 million. As provided under the terms of the Series B Notes, the redemption price will be 103.5% of the aggregate principal amount...
|8/4/10||Market Updates: CIT Group (NYSE:CIT), Owens Corning (NYSE:OC) (Jutia Group)|
John A. Thain, the former Merrill Lynch & Co. executive leading a turnaround of CIT Group (NYSE:CIT), told analysts he didn’t take the job to wind down the company, according to KBW Inc. “It appears unlikely that a sale of the company will occur in the near term,” said a report [...]
|7/2/10||Stock Market News: CIT (NYSE:CIT), Apple (NASDAQ:AAPL), Sanofi-Aventis (NYSE:SNY), Allergan (NYSE... (Jutia Group)|
CIT (NYSE:CIT) the formerly bankrupt small business lender run by John A. Thain, said it sold $500 million of corporate assets, raised $800 million for customer financing and completed a planned payment on first-lien debt. The actions show “significant progress” in funding the company and streamlining its portfolio, Thain said in a [...]
|5/18/10||Icahn’s Funds Sell CIT Stake, Cut Yahoo Holdings, Filing Shows (Hedge Fund Blogs From HedgeCo.Net)|
Bloomberg - Billionaire Carl Icahn disclosed that his hedge-fund group sold its 4.9 percent stake in New York- based CIT Group Inc. and cut its holdings in Yahoo! Inc. by more than half. Icahn Capital LP listed no CIT holdings as of March 31 in a Form 13F filed today with the U.S. Securities and Exchange [...]
|3/29/10||(CIT) CIT Group Being Targeted by Australian Bank? (Stock Blog Hub)|
On Mar 28, the Australian Financial Review reported that CIT Group Inc.’s (CIT) Australian and New Zealand 's vendor finance business units are being targeted for acquisition by the Australia ’s Bank of Queensland. CIT Australia's lending book is worth about A$500 million ($452.1 million) and the net assets are worth about A$200 million. While both [...]
|3/18/10||(CIT) CIT Group Posts Earnings Loss on Higher Costs (Stock Blog Hub)|
On Tuesday, CIT Group Inc. (CIT) reported a net income of $3.2 billion, including the reorganization benefit under the post-bankruptcy accounting known as Fresh Start Accounting (FSA). Excluding special accounting procedures and other items related to its reorganization, its quarterly pre-tax loss was $1 billion. Results reflected low finance revenue as well as high borrowing [...]
|3/17/10||Market News: Citigroup (NYSE:C), CIT Group (NYSE:CIT), Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL),... (Jutia Group)|
Primerica Inc., the insurance unit owned by Citigroup (NYSE:C), will sell 18 million shares in an initial public offering in addition to the $230 million in stock a private-equity firm plans to purchase. The stock will be sold at a range of $12 to $14 a share, the Duluth, Georgia-based company [...]
|3/8/10||Dan Loeb's Third Point Still Sees Event-Driven Opportunity: Investor Letter (market folly)|
Thanks to DistressedDebtInvesting for posting this up as below is the latest investor letter from Dan Loeb's hedge fund Third Point. We've covered Loeb's fund in-depth for some time now and last week we posted up Third Point's recent performance and earlier we took a look at their equity portfolio as well. In the letter, Loeb touched on some of their notable positions and mentioned that their CIT stake is one of their largest and they believe that the company will transition to a lending...
|3/3/10||(CIT) CIT Group Expects $900 Million Loss in Fourth Quarter (Stock Blog Hub)|
Following its emergence from bankruptcy protection in Dec 2009, CIT Group Inc. (CIT) said in a regulatory filing with the Securities and Exchange Commission (SEC) on Monday that it expects to report a loss of about $900 million in the fourth quarter and about $4 billion for 2009. However, the expected fourth quarter and full year [...]
|2/23/10||CIT and Getting Out Of This Mess (Bullish Bankers)|
CIT is an example of the kind of problems still facing the economy.
|2/15/10||Seth Klarman & Meryl Witmer Q4 2009 Hedge Fund Moves (The Enlightened American)|
The ever-secretive Seth Klarman and his Baupost Group filed their 13F-HR filing for Q4 2009: Eye-catching new position in CIT Group (CIT) was the sole new position in Baupost's filing. As mentioned numerously in previous postings, Klarman thrives on complexity and uses his army of analysts to seek out thorny opportunities which scare off average investors. [...]
|2/9/10||CIT Taps Former Merrill Chief Thain as New CEO (Money Morning)|
In a move that unites two prominent casualties of the financial crisis, CIT Group Inc. (NYSE: CIT) ended a prolonged search by naming John Thain, the former chief of Merrill Lynch & Co., as its new chairman and chief executive officer. Thain, who left Bank of America Corp. (NYSE: BAC) 13 months ago amid controversy over its takeover of Merrill, will have his hands full rebuilding CIT, an embattled commercial lender that nearly collapsed in 2009. CIT still operates under...
|2/8/10||Pay Czar Ken Feinberg Addresses Thain and Bonuses at Goldman Sachs (Wall St. Cheat Sheet)|
Is the government involved in the pay decisions for John Thain and Lloyd Blankfein?
|2/8/10||CIT Adds a Dash of FAIL with Merrill Lynch's Thain (Jr Deputy Accountant)|
pic credit: driftglass The last time John Thain tried to "help", things got scary and ugly. Oh wait, they already were, my bad. WSJ: Former Merrill Lynch & Co. chief John Thain is joining embattled lender CIT Group Inc., bringing together two prominent casualties of the credit crisis. Mr. Thain, who left Bank of America Corp. 13 months ago amid controversy over its takeover of Merrill, will be CIT's chairman and chief executive. CIT, a major lender to small businesses, nearly...
|2/7/10||How the Mighty are Fallen: Thain to Head CIT (naked capitalism)|
Boy, is this a down-market move for former Merrill CEO John Thain, both in terms of size of balance sheet and credit focus of the organization. CIT, which focuses on small and medium-sized business lending, had a roughly $70 billion balance sheet as of end of September, versus nearly $670 billion for Merrill as of [...]
|2/7/10||Match Made In Incompetence Heaven: John Thain Is CIT’s New CEO And Chairman (Phil’s Stock World)|
Courtesy of Tyler DurdenCIT's gorgeous, bouncer-worthy, and recently bankrupt, 5th Avenue lobby is about to receive some golden commodes and even more taxpayer reverse golden showers if and when the government is forced to bail out John Thain for the nth time. In the meantime Thain will receive $500k and 5.5 million shares in stock [...]
|12/10/09||CIT (Restaurant at the End of the Universe)|
CIT emerged out of bankruptcy yesterday. There is no balance sheet yet out there. Heck, people don't even know what the share count is - for that you need to read the bankruptcy filing 8-K. Total share count = 200 mn Share Price = $28 WSJ is saying that $11bn of debt has been wiped out. That is on top of $5bn of pref and equity interests that have been wiped out. So in total $16bn has been wiped out - on a book of $64bn. The books have to be restated at fair value. Even if...
|11/13/09||Unique Strategy Generates Big Returns for Baupost (tickerspy.com)|
Though typically described as a value investor, Seth Klarman's strategy - and his remarkable track record - are difficult to define. Klarman has been in the news recently for his participation in commercial lender CIT Group's (OTC: CITGQ) unsuccessful attempt to avoid bankruptcy. Klarman's Baupost Group was part of a consortium of bondholders [...]
|11/7/09||They Never Learn (Skeptical CPA)|
"CIT Aerospace, a profitable division of stuggling CIT Group Inc., faces a problem plauging much of the $147 billion airplane-leasing industry: The business model that underpinned it and a handful of rival giants is broken. Their approach, built on short-term debt, was battered by the financial crisis. Turmoil in credit markets has hamstrung most of the biggest lessors, including CIT, [AIG's] International Lease Finance Corp. [ILFC] and Royal Bank of Scotland Group PLC's RBS Aviation Capital....
|11/4/09||Retail ‘Killer Wave’ Coming Due to CIT Failure ()|
The bankruptcy of business-loan giant CIT made headlines last weekend, but the story seems to have died all too quickly, considering its importance. Women will recognize this soon enough, since CIT provided financing to 60 percent of the apparel industry. All told, CIT was lending to 2000 firms that supplied merchandise to more than 300,000 [...]
|11/3/09||Surprise: Tim Geithner Screwed the American Taxpayer on CIT Deal (Jr Deputy Accountant)|
Timmy's face is hereby banned from Jr Deputy Accountant Pedo Geithner is again recycled for your entertainment Clusterstock: Case in point? CIT Group. Once again, the white knight who stepped in to save the company--the U.S. taxpayer--gets completely hosed. It didn't have to be this way, says Prof. Black. And the man responsible is Treasury Secretary Tim Geithner. Peter Gorenstein: Another one of the nation's largest lenders has filed for bankruptcy. On the brink for months, CIT...
|11/3/09||CIT Bankruptcy Shenanigans Plus Who is Actually Buying All Those Treasurys (Hint: It's the Fed) (Jr Deputy Accountant)|
I'm not sure if this is relevant but I'm pretty sure it is always relevant Look on the bright side, at least we know where this particular $2.3 billion in TARP money went. WSJ: The $2.3 billion of Troubled Asset Relief Program money that will likely be lost in the bankruptcy of commercial lender CIT is hard to swallow, but it may be the most instructive loss taxpayers absorb all year. Just as the Treasury Department is urging Congress to junk the bankruptcy process and hand over...
|11/2/09||Bondholders the Big Winners as CIT Files for Bankruptcy (Money Morning)|
CIT Group Inc. (NYSE: CIT) on Sunday filed for Chapter 11 bankruptcy protection. CIT's filing is the fifth largest bankruptcy in U.S. history, behind Lehman Brothers Holdings Inc. (OTC: LEHMQ), Washington Mutual Inc. (OTC: WAMUQ), WorldCom Inc., and General Motors Corp. But unlike Lehman Bros. and Washington Mutual, which were completely broken apart and branches of their businesses sold off, CIT expects to wipe out $10 billion in unsecured debt and emerge from its bankruptcy with ...
|11/2/09||(CIT) CIT Group Files for Chapter 11 (Stock Blog Hub)|
CIT Group Inc. (CIT) has filed for Chapter 11 protection on Sunday. The company struggled for months to avoid collapse since the recession elicited billions of dollars in loan losses, and the financial crisis made it incapable of funding itself from its main financing source. This widely expected Chapter 11 filing is one of the largest [...]
|11/2/09||Another day, another common stock wipeout (YRCW) (AlphaNinja)|
Well maybe not a total wipeout yet, but close to it. CIT Group (CIT) common stockholders aren't the only ones trying to figure out what they're left with in a reorganization today. Trucking firm YRC Worldwide (YRCW) outlined details of its debt exchange offer, designed to give it more breathing room in terms of debt repayment. The dilution to common stockholders was larger than expected, sending shares down 55% to $1.65, a far cry from the $80dollars they fetched a few years...
|11/2/09||US Session: Better US ISM Data Boosts Risk Appetite As Markets Shrug Off CIT News (Jutia Group)|
G10 Advancers and Decliners vs USDCHF0.83EUR0.75GBP-0.31 JPY-0.95 Today’s data has been awash with PMI releases out of Europe, which were all broadly in line with forecasts (Eurozone, Germany), or better than expected (Sweden, Italy, France, UK). There was very little impact on FX markets after the releases, no doubt due to the more significant central [...]
|11/2/09||CIT files for prepackaged bankruptcy, shares off 67% (CIT) (AlphaNinja)|
Well, 67% or 48cents. Last night, CIT Group (CIT) announced that the vast majority of the debtholders had agreed to management's plan to reorganize the company. From the release: "Under the plan, CIT expects to reduce total debt by approximately $10 billion, significantly reduce its liquidity needs over the next three years, enhance its capital ratios and accelerate its return to profitability." Reducing debt by $10billion would necessarily wipe out the common stock, and the company...
|11/2/09||Stock Market Update: Ford Motor (NYSE: F), CIT Group (NYSE: CIT), Google (NASDAQ: GOOG), Apple (N... (Jutia Group)|
Ford Motor (NYSE: F) surprised Wall Street today by revealing that the company produced a quarterly profit and raised its 2011 outlook to "solidly profitable," sending shares up 5.7 percent in premarket trading. Ford is the only major U.S. automaker to evade bankruptcy in 2009 and stated that the third-quarter results [...]
|11/2/09||CIT Group Bankruptcy Agreement; Common & Preferred Stock Cancelled (Kirk's Market Thoughts)|
Yesterday CIT Group filed for bankruptcy protection with nearly 90% of their debt holders voting in favor of the agreement. The key provisions of the agreement are:Emergence Sought by Year-EndOperating Entities Remain Unaffected and Highly LiquidContinue Lending to Small and Middle Market Businesses"Under the proposed prepackaged plan of reorganization, all existing common and preferred
|11/2/09||European Session: CIT Bankruptcy Shakes Risk Appetite…Briefly (Jutia Group)|
G10 Advancers and Decliners vs USDEUR0.08CHF0.01GBP-0.07 JPY-0.14 The slightly weaker US economic data, as well as worries about the stability of the US financial industry, prompted selling in risk correlated trades last week. In the FX market, high beta currencies were the biggest losers as falling equity and commodity prices renewed risk-aversion & spawned [...]
|11/1/09||CIT files for bankruptcy and the aftershocks begin (Sober Look)|
Icahn's attempt to throw out CIT's board in order to take control didn't work. Neither did CIT's effort to exchange debt for equity. The debt holders just didn't buy the story. Instead, with a $1 billion DIP loan from Icahn, CIT has filed for bankruptcy. The debt holders didn't want to do it voluntarily, and now CIT will try to force the exchange in court. They plan to stuff the current debt holders with new notes (of lower face value) and equity as part of the restructuring plan. But...
|11/1/09||Cramer Buy Recommendation CIT Goes Bankrupt (Wall St. Cheat Sheet)|
If "In Cramer You Trust", you are probably going to have lost 90+% of your CIT investment by the open on Monday ...
|11/1/09||CIT Group Files for Bankruptcy (Expected Returns)|
From Bloomberg CIT Files Bankruptcy; U.S. Unlikely to Recoup MoneyCIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter [...]
|11/1/09||CIT will now file for bankruptcy (Credit Writedowns)|
CIT has the approval of debtholders to file a prepackaged bankruptcy. This comes via Business Wire: CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that, with the overwhelming support of its debtholders, the Board of Directors voted to proceed with [...]
|11/1/09||CIT Bankruptcy Filing Within Hours (Stock Market Analysis, Trading, And Financial Commentary - Rebel Traders)|
Short of any miracle it is now expected that CIT, the nations largest lender to small and medium sized businesses will file for Chapter 11 bankruptcy this Sunday afternoon or evening. [...] CIT's board was meeting about the likely filing early Sunday afternoon, these people said, and the company expected to seek Chapter 11 protection in [...]
|10/31/09||CIT To File For Bankruptcy Within Days (Stock Market Analysis, Trading, And Financial Commentary - Rebel Traders)|
The Wall Street Journal is reporting that CIT, a major lender to small businesses intends to file for bankruptcy protection in New York within days, perhaps as soon as this Sunday. CIT had already received $2.3 Billion of tax payer funds to keep the company alive. Under the possible bankruptcy filing the money that came from [...]
|10/23/09||Stock Market Updates: CIT Group (NYSE: CIT), Amazon (NASDAQ: AMZN), Exelon (NYSE: EXC), Whirlpool... (Jutia Group)|
Amazon (NASDAQ: AMZN) shares were trading up over 14 percent in afterhours activity following the company’s reported earnings for the quarter that surged 68 percent from last year on the back of its hot new product, the Kindle e-reader. Amazon predicted revenue to come in between $8.125 billion and $9.125 billion, above [...]
|10/20/09||Icahn's role in CIT's future and the firm's impact on broader economy (Sober Look)|
A great deal has been said recently about Icahn's letter to CIT (see attached). What exactly is he trying to do with this dying firm? Does he really care about CIT's board of directors, their contribution to the firm's demises, or their compensation? Is he really that interested in having a competent board at CIT that has the shareholders in mind? I am reaching out to you to address what I view as the latest example of incompetent and unconscionable behavior on the part of the Board of...