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Nov. 2 (Bloomberg) -- CIT Group Inc., the 101-year-old commercial lender that saw its funding dry up in the credit crunch, filed for bankruptcy in an effort to cut $10 billion in debt following a failed debt exchange and U.S. taxpayer bailout.

CIT listed $71 billion in assets and $64.9 billion in liabilities in a Chapter 11 petition yesterday in U.S. Bankruptcy Court in Manhattan. The Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

Well shares of Citigroup are at a market low this morning in the wake of their weak Q3 report, but you can guarantee they will not stay that way for long. If you are looking for a good financial buy in , then this would be a good time to join the herd of vultures that are snatching these stocks up at bargain prices this morning. Currently city banks volum ticker is headed toward sixty million fast with a buy for almost every sell, and citigroup is holding at 4.62 a little below my previous estimate of 4.68 so get in quick if you want them.

Happy stocking...

Although citigroup did its best to shovel off assets before the big game, it still took a meanial loss this quarters earnings report.

Citigroup, Inc. (NYSE: C ) reports Q3 adj-loss of $0.27, versus the analyst <nobr> estimate </nobr> of ($0.38). Revenue for the quarter was $20.4 billion, which compares to the estimate of $20.04 billion.

Q3 tier 1 ratio was 12.7% and tier 1 common ratio was 9.1%. Book <nobr> value </nobr> per share was $6.15.

They took one for the team this quarter, but look soon for this banking giant to be making a comback.

WIth the recent sale of two of its major holdings and amid rising pressure by investors, Citybank should finally have a more sunny skies this quarter.

Departed Facebook cofounder Dustin Moscovitz's startup Asana just raised $9 million from investors Benchmark Capital and Andreessen-Horowitz.

Asana will someday make an enterprise collaboration product.

Read the rest of this story »

See Also:

• Facebook Cofounder Dustin Moskovitz Raises $9 Million For New Startup
• Detroit's New Cannabis College Raises Hopes For Higher Value Jobs
• Citi Raises Salaries For CFO, Global Markets Head (C)

• Hewlett Packard (NYSE:HPQ) reported strong results after Monday's close, helped by robust sales in China and improved margins on its service operations.  The firm also increased share repurchases to $12 billion and projected fiscal 2010 earnings of $4.25 to $4.35 a share on revenues of $118 billion to $119 billion, inline with its earnings' preannouncement two weeks earlier

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This is a revision to the post I put up when the first cut at the GDP report came out on 10/30.  In it the new numbers are in bold and the original estimates are put in parentheses, thus a number in parentheses does not mean that it has a negative value (those will have a minus sign in front of them, numbers relating to the first or second quarters are left unchanged.  New text will be in italics. This should give the reader a clear sense of not only how strong GDP and its components, but also how the latest numbers match up. </font>

For Immediate Release

Chicago, IL – November 24, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Las Vegas Sands (LVS), Citigroup (C), Goldman Sachs (GS), Barclays PLC (BCS) and UBS AG (UBS).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Monday’s Analyst Blog: