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Christmas treat coming for this stock finally?
After the recent XNOM scam report last week and fear, I assume many are smart enough to see through that crap, and with new positives for SQNM, perhaps this stock will regain its luster again before end of year is here...
What's up with this stock?
Watching millions of shares of volume the last week or so now and the price moves down a hundreth of a dollar at a time?? Who is doing this and for what reason? It makes no sense seeing this and as far as I know, you cannot short an issue under $1.00 like this; so is it the MM's trying to do something here?
The stock cannot go any lower than where it is right now!
Last time there was any volume like this, the price moved higher, not lower... And yet no new news out about anything we don't already know.
There is an investor on Yahoo Finance Board already asking others to take road trip to see Dr. Phillips in West VA about all of this.
After 3 years and all the right reasons, this stock should be much higher yet it sits her at a penny "again"....
This has problems everytime it gets near $6.00 heavy selling/shorting pops up time & again. Frustrating to see.
I think once it settles back to close gap at 5.41 and bolsters new strength, we can then see it close and trade well above 6.00 and on to higher levels...
wabadon I and others have done as you, and my sister died with extreme neuropathy too- but after 3 years I cannot figure out this stock or why it sits here without any higher movement when its company is doing very well in business..
Yes but what is wrong with one ten thousandth of a penny movements???
Then tonight after close several hudnred thousands shares bought shows up after 5pm too?? How?
Yes very positive as are its operational developments.
Yes this company will not survive long from here for many reasons. Some human in nature too.
The bondholders' short term greed got the best of them and this crooked BK filing where NO proxy vote was considered as all shareholders of a corp are due in any serious measure like this. Many families and employees hurt forever now who invested into CIT stock at all levels.
The damn bondholders were guaranteed 90% on further out bonds and all shareholders would have been safe; instead the bondholders decided 70% right now and shares of some newly issued stock after a bogus BK scheme (that wipes out all current common & preferred shareholders), that I assure you, will be decimated from day one when it is introduced to get back at this criminal action CIT allowed against many, many thousands of people who all were invested into their stock.
Call it what you will, but at this time of year, in this type of economy, corp greed and Wall Street ruined many people needlessly and it will NOT go away easily I assure you all!!
This will be remembered and CIT will not come out of this as easily as that sleezy fur coat clad Peek stated the other day with his smirky smile walking away from the BK hearing...
I HOPE the Chinese dump US bonds and ruin this nation, as Wall Street and US corps especially, are more crooked than ANY other foreign government entity could ever hope to be after watching this whole shenannigan play out!!!
And to those who speak of assets Icahn mentioned available after BK, did you all forget the 2 large loans the BK judge already allowed CIT to obtain against collateral prior to the hearing (Sept & Nov)???? THOSE assets are encumbered now. This is not going to be glorious and many will see this was a massive fraud of the likes of Bernie Madoff and will blow up in the faces of the greedy who orchestrated it... NO MORE of my taxpayer money now!!!
Word is a better opportunity came about last minute to make DRYS even more $$$ and why the ship purchase was dropped...
There is a growing rage out there because of what CIT did to shareholders, and many are writing the Judge and also saying if CIT can walk out on its debts like this, Americans need to walk away from their mortgages too then.....
One thing is for sure on December 8th- If the judge does not see through this scam and ruin of many shareholders, it won't matter if new shares are to be issued; NOBODY will trust investing into new CIT stock if they are allowed to do this to current shareholders at will... Then they can do it again in the future too.
Think about it.../
Like CIT, the corp insiders & bondholders are ruining all shareholders from preferred on down...
It is criminal in case of CIT as I see it as they have over $ 6 Billion in cleared assets and just got judge to approve another $ 1/2 Billion loan for them!!!!
This is criminal as I see it and proves again. They have value & assets enough to have a huge loan granetd like this yetw ant to wipe out all shareholders????
This corp is engaged in criminal fraud as I see it. With over $ 6 Billion in assets over liabilities to do a special pick & chose BK wiping out all shareholders preferred on down makes no sense.
Now another $ 1/2 Billion loan approved by Judge to CIT against assets makes me sick to see!!! If they are as healthy as they must be, there is no reason to ever be in BK as I said for months, as they needed to streamline costs and become more efficient and work out their problems like many other corps are doing without any BK filing.
December 8th is date Federal BK Judge will make final decision. Everything done has been to benefit of corp insiders and bondholders only- NEVER proxy vote or care from all the shareholders who invested in CIT stock over the years.
All I know, is the Monday after CIT field BK on Sunday, my wife lost her job in Finance/Credit at major employere here in NC who has been a CIT customer for many years and it has affected their operations now by CIT doing this...
They need whatever SQNM is drinking- as yesterday SQNM plagued by SEC worries, possible BK and hosts of other Down Syndrome related concerns in faulty tests, rocketed over $1.25 yesterday on not one bit of news now seeing that stock nearly triple in last couple weeks.
Maybe whatever they are drinking they can give to CPSL here...
So YU's out and JU's in... LOL
Too funny. I still see this as the next Exxon in the future.
Three eyars here inevsted in this stock seeing it stay at 2 cents. I see many days of small sharevolume which makes no sesne so it must be the MM's.
Earnings are suppsoed ot be out, and as always, they were like 100% increase from last, etc etc etc.
All the positives about this and no shareholder appreciation.
On the flip side, yesterday SQNM, a medical bio related to Downs Syndrome research took off over 1.25 gain amidst its supposed BK and former DS fraud & SEC filings and problems with some treatments, and that stock moved up on huge volume yesterday afternoon and NO bit of news or reason for same came out, and that stock has tripled in last couple weeks to close at nearly 5.00..
No news. No reasons. This massive upmove has placed SQNM way into overbought on RSI scale now on every chart from monthly on down.
Nobody seems to know anything and may be short squeeze.
Either way, I missed all of it, because when I came home from work, my wife told me she saw it moving fast earlier & panicked, and couldn't find reason, so she sold all our investment in SQNM fearing it would crash with heavy shorting like before, and we lost over 1.00 of yesterday's upmove. Needless to say, I was not happy coming home last night seeing she did this..
Nothing is definite until December 8th Federal BK Court Judge makes decision to accept & allow the prepackaged BK on its merits submitted from CIT corp or throw the whole darn thing out seeing over $6 Billion still in cleared assets over liabilites...
NONE of this makes sense and MANY people I have spoken with in many industries in the last few weeks all were investors of CIT stock and are very upset at all of this even happening.... Talk of major class action lawsuits even...
It already is having negative impact on other businesses tied to CIT, and the day after CIT stated they filed BK on that Sunday night, a large older US corp my wife worked in that depends on CIT layed her and many corp employees off on MOnday saying there were now immediate budget cutbacks needed as soon as they heard of the CIT BK filing...
Oh they will but at the expense of all common & preferred shareholders sadly as the damn bondholders refused 90% and no BK for 70% and a BK with some new preferrds issued to them; but it will destroy all existing stockholders which come from all walks of like who invested into CIT.
This should NEVER have occurred and The US Government is assanine for not stepping up for CIT and small business over bailing out greedy major investment banks & insurers & UAW unions...
First a BK judge has to asccept this BK, and right now, CIT has more assets than debt on record which makes no sense.
Also the BK judge might well be a CIT shareholder and pissed seeing bondholders ignore the bond exchange where they would have received 90% and no BK, and now they get maybe 70% and some newly issued preferred stock...
Letter to CIT clients & newswires / boycott!!!
Be aware, that because CIT Group, Inc. has chosen to file for BK this morning and ruining all its shareholders 45 days before Christmas with financial losses that could have been avoided, many of us shareholders who are families and small business people and the like are going to boycott doing any business now with customers of CIT Group because of this financial devastation they chose over doing the right thing and avoiding filing any BK altogether, and seeing that the US government refuses to aid them as well for all shareholders benefit; as the bondholders of CIT were not happy receiving 90% of face value and chose to destroy millions of shareholders in the process by going bankrupt receiving maybe 70% face value of CIT bonds....
This is disgusting & shameful as shareholders were people from every walk of life from corporations who did business with CIT to mom & pop small businesses on the street and countless families in between and 401k's filled with CIT stock now all going to take huge financial losses because of the assanine bahavior of some bondholders and a corrupt mamagement of CIT together.
This should NEVER have occurred Jeff Peek and people trusted CIT for what it was supposed to mean for over 100 years to US business operations and invested our hard earned monies into your stock as part owners which you all seem to ignore this fact!!
Shame on you CIT.
Citi and CIT Are Primed for Upside,
by Jim Cramer, 9/29/2009, 1:54 PM EDT
Citigroup's on the move, so is CIT . I think that Citigroup will be the biggest beneficiary of the new plan to buy toxic assets, because it is basically running its SIV as discontinued operations and it could benefit from the new program. CIT is about the possible IndyMac link-up courtesy of John Paulson, a real smart guy who was negative about mortgages before it paid to be negative. Dan Freed on CIT CIT Surges on Report of IndyMac Deal I put both of these up there as examples of companies that won't die, and because they won't die, they live. I know that seems a little circular in reasoning, but because Citigroup never suffered a run like Wachovia and Washington Mutual did, it made it and as our flagship site mentioned, it is safe. If it is safe, it can go higher.
Because no one forced CIT into bankruptcy, it can live to play again, and when I read in the New York Post that Paulson owns CIT debt, I realized that he's powerful enough to save this company, particularly because he is one of the investors in IndyMac and knows his way around the bottom of the debt barrel. These two stocks represent lottery tickets that are no longer rip-ups because they have made it out of the "critical care" stage and are recovering.
I would buy them both.
I called Jeff Peek's NYC office tonight and left harsh message about how his Board and these ignorant bondholders now are causing massive financial ruin to millions of American small investors and business owners who all owned CIT stock 45 days before Christmas, and willa dd to an already crippeld US economy....
I URGE others to do the same and show your outrage over this whole fiasco... Phone: (212) 771-0505
This NEVER should have occurred and the stupid bondholders did not want 90 cents on dollar for bond exchange and now will get maybe 70 cents in a bk???
Assets still are greater than total debt, so how can any federal BK judge allow a BK to proceed? I never seen one who has...
Indict Jim Cramer & SEC investigate him & CNBC for this article last week:
Citi and CIT Are Primed for Upside,
by Jim Cramer, 9/29/2009, 1:54 PM EDT
Citigroup's on the move, so is CIT . I think that Citigroup will be the biggest beneficiary of the new plan to buy toxic assets, because it is basically running its SIV as discontinued operations and it could benefit from the new program. CIT is about the possible IndyMac link-up courtesy of John Paulson, a real smart guy who was negative about mortgages before it paid to be negative. Dan Freed on CIT CIT Surges on Report of IndyMac Deal I put both of these up there as examples of companies that won't die, and because they won't die, they live. I know that seems a little circular in reasoning, but because Citigroup never suffered a run like Wachovia and Washington Mutual did, it made it and as our flagship site mentioned, it is safe. If it is safe, it can go higher.
Because no one forced CIT into bankruptcy, it can live to play again, and when I read in the New York Post that Paulson owns CIT debt, I realized that he's powerful enough to save this company, particularly because he is one of the investors in IndyMac and knows his way around the bottom of the debt barrel. These two stocks represent lottery tickets that are no longer rip-ups because they have made it out of the "critical care" stage and are recovering.
I would buy them both.
I scolded CIT IR agent last night whe he called me to letter I sent CIT.
I told him with so many options out there why is everything a two choice decision by bondholders with no regard to millions of shareholders?
The bondholder exchange needs to have been met last night, as otherwise any form of BK pre or in court will destroy all shareholders of common and preferreds and that investment those families made for their futures with CIT stock, INCLUDING all the CIT employees who regularly have CIT stock purchased for their 401k's which NOBODY seems to give consideration to....
Yet with all the new loan options this week alone, why post any of it if BK was imminent, because reason for BK is to get out of all your debt obligations, so why worry about making new loan deals and such??
It all is so damn frustrating & confusing...
CIT, Goldman Reach Agreement On Amending $3B LoanLast update: 10/30/2009 6:36:30 AM
DOW JONES NEWSWIRES
CIT Group Inc. (CIT) said it has reached an agreement with Goldman Sachs Group Inc. (GS) to amend a $3 billion loan, ending weeks of strained negotiations over a $1 billion payment Goldman was poised to receive if CIT files for bankruptcy. CIT shares fell 9.4% in recent premarket action to 86 cents. CIT's stock was down 79% for the year through Thursday.
The deal calls for the loan size to fall to $2.13 billion, effectively eliminating the unused portion of the financing. Also, the struggling lender paid Goldman nearly $285 million as a termination fee as required under the deal's original terms. In addition, $250 million of collateral has been posted. In return, Goldman has agreed to not exercise its rights to terminate the financing if a bankruptcy filing is made. Friday's announcement, made in a filing with the Securities and Exchange Commission, comes two days after the lender said it raised an extra $4.5 billion as it presses ahead with its restructuring plan. In the process, it brushed aside billionaire investor Carl Icahn's 11th-hour effort to scupper the process.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com (END) Dow Jones NewswiresOctober 30, 2009 06:36 ET (10:36 GMT)
CIT Obtains Additional $4.5 Billion in Financing
October 28, 2009 01:12 PM Eastern Daylight Time
CIT Obtains Additional $4.5 Billion in Financing Through Expansion of Existing Secured Credit Facility
Addresses Unfunded Financing Proposal from Carl Icahn
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the Company’s bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the Company’s refinancing of certain existing secured credit facilities.
“We believe this secured financing will serve the best interests of all stakeholders and will allow us to better position CIT for the future,” said Jeffrey M. Peek, Chairman and CEO. “This expanded credit facility will allow us to continue to serve our existing small business and middle market customers as we advance our restructuring plan.”
CIT Obtains Additional $4.5 Billion in Financing
October 28, 2009 01:12 PM Eastern Daylight Time
CIT Obtains Additional $4.5 Billion in Financing Through Expansion of Existing Secured Credit Facility
Addresses Unfunded Financing Proposal from Carl Icahn
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the Company’s bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the Company’s refinancing of certain existing secured credit facilities.
“We believe this secured financing will serve the best interests of all stakeholders and will allow us to better position CIT for the future,” said Jeffrey M. Peek, Chairman and CEO. “This expanded credit facility will allow us to continue to serve our existing small business and middle market customers as we advance our restructuring plan.”
Excellent production numbers and news yet sad to see all recent gains erased by selling off when it was near the 6.00 resistance area ready to blow through... Why makes no sense here to be honest..
This should be on its way to double digits and other corps would be envious to have similar numbers in this economic environment....
Icahn Provides Financing Commitment To CITLast update: 10/27/2009 6:00:47 PM
By Kate Haywood
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Billionaire investor Carl Icahn has committed to providing a new $4.6 billion term loan to CIT Group, Inc. (CIT). In a letter to the embattled lender, which is struggling to restructure itself, Icahn said the loan would be structured as an expansion of CIT's existing $3 billion rescue loan put in place by a group of the firm's largest bondholders in July.
In order to close and fund Icahn's loan on a timely basis, CIT needs to accept his commitment by 6 p.m. EDT Tuesday, Icahn said. Icahn's loan would be conditioned upon CIT receiving amendments from its existing lenders to allow Icahn and his backers to share collateral on an equal basis with them, according to the letter. Earlier in the day, Icahn announced a 30-day tender offer for small bondholders' securities at 60 cents on the dollar, "assuring a floor price in the event the notes trade lower."
CIT has been working its key bondholders to put in place a new $4.5 billion financing as it races toward this Thursday's deadline for bondholders to vote on its restructuring plan. This loan is being arranged by Bank Of America. Icahn, who is CIT's largest bondholder with $2 billion in debt, threatened to "challenge the validity" of CIT's existing loan "through the courts" if lenders to that facility refuse to grant CIT the amendments and "force" the firm to close on the Bank Of America facility. In the letter Icahn said he is "eager to work with (CIT) through the night" to close the loan and "save the company a significant amount of money."
Icahn last week offered to underwrite the loan for CIT. In Tuesday's letter, he said his loan would save CIT around $112.5 million in fees and wouldn't be dependent on a "vote for or against" the company's restructuring plan.
Curt Ritter, a spokesman for CIT, couldn't be reached for comment.
-Kate Haywood, Dow Jones Newswires; 212-416-2218; kate.haywood@dowjones.com (END) Dow Jones NewswiresOctober 27, 2009 18:00 ET (22:00 GMT)
Icahn offers $4.5 Billion term loan to CIT tonight at 2.5% vs the 5% BAC wanted saving CIT over $112 Million in fees... He wanted CIT to accept offer by 6:00PM EST tonight to be able to expeditiously close this loan ASAP for CIT...
Immediately CIT Board sent word to CNBC that they are against him doing this and called Icahn a liar amongst other things, showing Peek and the corrupt CIT Board need to be ousted as they are the reason CIT is in this mess to begin with.
Eitherw ay, this is another example of other options for CIT and no need for any BK because CIT can go about its daily busiens soeprations for US businesses, and sharehodlers will have share preservation and bondholders will still have the debt instrumenst they inevsted in to expire on their various dates further out and EVERYONE wins....
I for one believe had it not been for so damn much negativity posts across 5 stock boards I found, RBRM would be trading near or above 1.00 right now....
NEP is the new Exxon as I see it...
What is so friggin upsetting is this stock was moving up well and after recent amazing production numbers released, it was quickly shorted and all gains it made were removed as of yesterday. I am not talking about a normal 50% pullback of strong price gains, as this stock grew sensibly in share value like its operations, and to see all those gains stripped is irritating.....
But NEP which has a near term resistance in the 5.75-6.00 area to break through has NO upside resistanace from there, and is very undervalued from stats I have from TD system, and other corps should be envious as to how well run and efficient NEP is and continues to be with growth and expansion and earnings all increasing for the right reaasons in the right manner... if even CNBC or Cramer would make mention of NEP, I think you would see this stcok trading near 10.00 by now....
Tell em about it! I posted the TD Ameritrade analysis even on CPSL as it is simply way undervalued and behind most of its other Chinese equities out there.
This stock is liek the AK Steel of China for God's sake yet it seems to not get a boost it deserves. I have seen far worse and obscure Chinese stocks run up inot high digits on nothing and CPSL seems to move at snails pace and is doing well. I see some posts elsewhere talkign about steel or mining down, but look at that risky Russian MTL for instance, was about 2.00 earlier this year and now around 23.00 today, yet they had bad last 1/4 even.... Then you got PUDA a Chinese small coal washing compnay that was a Pink Sheet up unitl weeks ago, then did reverse split in September and was uplisted to big exchange, and what was 19 cents in March today is in 8.00 range for them!!
So what the hell is the problem with CPSL as they are a very beneficial component of the whole Chinese growth movement and with recent surge in auto demand in China plus other factors, you would expect to have seen CPSL into double digits by now....?
I am disgusted with this stock!
I was forced to sell all but 2000 shares of what I invested in long ago, taking major loss in process too, because of its continued downward lagging performance.
I will kepe this pitiful 2000 shares in the back of my portfolio and forget about it and maybe in 5-10 years I maybe able to recoup my losses it caused me..
Earnings?? I am expecting better than expected because my wife deals daily to CIT Charlotte inside for her 80 year old corp's financing mechanisms. They have told her for several months internal streamlining and reorganization has already been going on which will reduce costs of operations and increasing profits and business is better than ever before....
This is same top end furniture corp which Obama had make all new innaugural furniture to be in White House before his family moved in. Also they built additional high end pieces after for Michelle Obama to place in White House, and they even supply furniture to US State Dept as well.. This is what upsets me with all this BK talk around CIT, as for it to be talked into ruin or shareholders burned , would certainly have very bad negative ripples across the country literally and all downline associated businesses tied to them for many years....
LOL You look like a Chinese pimp in your photo. LOL
Anyway my previous post states my position with CIT.
There is no need to continue about BK as CIT has many options including if Fed steps in and gives them access to Window or other measures in fact out there hardly talked about. I think the bondholders are causing a lot of unnecessary problems now.
I see others post elsewhere comparing CIT to GM and they are many worlds apart too. CIT is a niche' unique situation and will affect the whole US economy if any form of BK occurs.
What I am stirred about is Cramer & CNBC's reputation is on the line here too, as a few days ago Cramer went on saying "CIT will never be below 1.00 again" and to BUY, BUY, BUY CIT stock here..
Then I look at SEC filings and there is not one Form 4 filed for any insider trading or selling by insiders of the company stock they hold.
Then I look at stats from my TD system and still we have a 94% institutional ownership of said company stock.
Now, when GM did its prepkg BK it was a special deal for Obama to repay the unions who bought him his Presidency, but the SEC came out weeks ahead warning investors that because of that prepkg BK of GM's, for all investors to stop investing as the old GM stock would be disconnected from GM opertaions and expire worthless- yet people to this day still trade it long after it was delisted to OTC and even a 2nd new ticker symbol given by the SEC.. NONE of this is or has occurred surrounding the CIT debacle except many recent options come to play as with Icahn loan offer last week, BAC loan deal, Hedge Fund offer, etc., yet the same old earlier double BK options mantra is spun out there 24/7 and with the facts above, it makes absolutely no sense why there is even any BK talk or any need of a reorganization for CIT.
Sure they needed to clean the house of bad Board members and should have long ago. However their operations are moving along without any hitch and business is better than ever I am told from Charlotte offices. In fact, my wife's 80 year old corp deals daily to CIT's Financial Analyst and even she states the upper executives who all own CIT stock will not sell it before 5.00 price level.
So with all this above, and reading the recent reorganization options where many post the common & preferreds will be wiped out, how in the hell can the above factors still exist here 3 1/2 days before the October 29th bondholder deadline date then?
You would have thought the institutionals and other large hands would have liquidated long ago like in the GM case, but it has not occurred. Most everythign occurring out there acts moreliek a massive shakeout of private small spec investors than major hodlers of this corps' common or preferred stock... I held GM stock too and soldout before their BK was sealed and SEC warning came out, and even posted for others to do same- but I have not sold out on CIT because NONE of the factors surorunding GM is even related to the current CIT operation at all.......
It is all beyond weird.
This stock's performance sucks to be direct here..
If cnbc would once mention ESLR instead fo First Solar as they do, it seems FSLR is the only solar company out there and we all know that is not true.
ESLR needs cnbc or Cramer even to make some mention and STOP the FSLR everyday talk theys eem to cater to...
It is discouraging and lagging on low volume like others..
However concerning the details of the upcoming 4 Powers Act creation and China / Russian development, I am very surprised this stock has not moved up much higher compared to all others related to China growth...
It is truly undervalued...