Early CIT Shorts Enjoy Their Day - trackseekingalpha

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Early CIT Shorts Enjoy Their Day
Nov 03, 2009 07:05 PM UTC

trackseekingalpha

Return	Risk
-11.17%	HIGH

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Symbol	Sentiment	Start	Return	Closed
CIT	n/a

Via Short Stock Ideas from Seeking Alpha:

After filing for bankruptcy this weekend, CIT (CIT) stock started trading again on Monday with the shares opening 64% lower. As the large short position (15%) indicates, this has been a bonanza for some short sellers, but only those who managed to establish a position before the stock borrowing fees became prohibitively high. CIT group has a DCBS score of 10, the maximum possible. We highlighted CIT earlier this year when we identified short selling by bond holders well in advance of the equity price decline.

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