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(Update 24Apr09 afternoon) Sold my position. Moody just downgraded its debt rating: reminds me of the WaMu debt rating downgrade shortly before its fall.
(Original) Warning: this is a very speculative play. Also don’t confuse this with CitiGroup (NYSE: C). The ticker of CIT group at NYSE is CIT.
4 Analysts downgraded this stock this morning (source: theflyonwallstreet, also Yahoo Finance).
Wiki entry for CIT group, noticed it was a part of Tyco (a smaller GE if you will) at one time. Chinese news on CIT (about one year old). The company recently coverted to a bank holding company so that it could get fund access to TARP, FDIC, and more importantly bank deposits.
Q1 2009 earning release. Conference call.