MOMO'S BREAKOUT BOARD

[norristhecat]

good news for CIT...Before the bell: Stock futures rise on CIT deal report
Posted Jul 20th 2009 7:35AM by Melly Alazraki
Filed under: Before the bell, International markets, Earnings reports, Deals, Market matters, Boston Scientific (BSX), CIT Group (CIT), Texas Instruments (TXN), Economic data, Oil

U.S. stock futures advanced Monday after it was reported Sunday CIT Group may get a private sector emergency financing. News about problems at CIT and its potential demise kept dominating the news last week, marring what a decent showing from companies reporting earnings. Investors await another week of heavy earnings results starting Monday with the likes of Texas Instruments (NYSE: TXN) and Boston Scientific (NYSE: BSX).

According to the New York Times, CIT Group Inc.'s (NYSE: CIT) board approved a deal late Sunday with major bondholders -- including bond manager Pimco -- to keep the company out of bankruptcy with a $3 billion rescue loan. The deal will buy CIT some time to restructure and reduce its debt load, after it failed to get help from the federal government.