Results tagged “CIT” from MarketMinute.com Stock News

CIT Group Inc. (NYSE: CIT) rejected billionaire investor Carl Icahn's loan offer to secure a new $4.5 billion credit facility sending the stock price down 11 cents to close at 95 cents.

CIT Group Inc. (NYSE: CIT) is close to finalizing the details of a loan to repay debt lifting the stock price 11 cents to $1.17.

CIT Group Inc. (NYSE: CIT) announced that its chairman and CEO will resign at the end of the year sending the stock price tumbling 14 cents to 90 cents.

CIT Group Inc. (NYSE: CIT) reached a preliminary agreement to shed debt and to give up 93% of the company to bondholders. The stock price soared 23 cents to $1.29.

CIT Group Inc. (NYSE: CIT) agreed to allow the Federal Reserve more oversight of the lender. The stock price rose 17 cents to close at $1.45.

CIT Group Inc. (NYSE: CIT) made the terms of its $1 billion tender offer more favorable sending the stock price soaring 37 cents to $1.38.

 

Investors all but gave up hope on the federal government giving CIT Group Inc. (NYSE: CIT) a lifeline to avoid bankruptcy. The stock price slumped $1.22 to 42 cents.

 

Shares of CIT Group Inc. (NYSE: CIT) rebounded by soaring 26 cents to close at $1.61 as the commercial lender continued to negotiate with the FDIC for loan guarantees in order to stave off bankruptcy.

 

Shares of CIT Group Inc. (NYSE: CIT) fell 13 cents to $1.40 on word that it may file for bankruptcy if the commercial lender is unable to shore up its balance sheet.

 

Investors worried that the federal government may not guarantee CIT Group's (NYSE: CIT) bond offering. The stock price plunged 44 cents to $1.42.

 

Shares of CIT Group Inc. (NYSE: CIT) fell 23 cents to close at $1.76 after Kainos Partners, which operates 56 Dunkin' Donuts franchises, filed for bankruptcy. Kainos owes CIT approximately $25 million.

CIT Group Inc. (NYSE: CIT) completed its debt exchange offer which replaced certain debt with more favorable debt instruments.  Shares of the bank dropped 45 cents to close at $3.81.

The credit crunch appeared to thaw with financial services firm CIT Group Inc. (NYSE: CIT) completing a $500 million financing facility with Wells Fargo & Co. (NYSE: WFC).  Shares of CIT Group surged $1.63 to close at $6.15 while Wells Fargo stock rose $1.31 to close at $35.11.

 

CIT Group Inc. (NYSE: CIT) widened third quarter losses to $1.11 per share from 24 cents per share in the year ago period prompting Moody's Investor Service to place the financial services firm's Baal long-term and Prime-2 short-term ratings on review for a possible downgrade.  The stock price plummeted $1.77 to close at $2.91.

CIT Group Inc. (NYSE: CIT) announced the sale of its home lending business to Lone Star Funds for $1.5 billion and  assigned $4.4 billion of debt and other liabilities.  Shares of the commercial finance company leaped $2.02 to close at $8.83.

CIT Group Inc. (NYSE: CIT) raised $1.5 billion by selling common and convertible preferred stock.  Shares of the financial services firm dropped $1.99 to close at $10.75 over concerns that the amount may not be enough.

In order to repay debt, CIT Group Inc. (NYSE: CIT) borrowed $7.3 billion through credit lines and is looking for new sources of funding.  The stock price plunged $2.01 to close at $9.63.