CIT Group (NYSE: CIT) was making all the noise in the market today. First, it was a rumor saying John Paulson, a big-shot fund manager, was considering merging the remnants of IndyMac bank with CIT Group. Then later today, reports surfaced about CIT Group possibly getting a $8-$10 billion loan facility from Bank of America (NYSE: BAC) and Citibank (NYSE: C). Both of these news are positive for CIT Group and their common stock rose 31.7% today to close at $2.20 [...]
There are few companies that are as hard to spell or pronounce as Susquehanna Bancshares (NASDAQ: SUSQ). Fortunately, stocks are traded by their ticker symbols and not their names so lucky for SUSQ. In any case, I am spotlighting SUSQ today for a variety of reasons. First, and most obvious, their stock went up 4.1% closing at $6.08 today. Secondly, their intrinsic value is high — a book value of $19.20 per share and ttm P/E of 36 [...]
It’s been a rough couple of days for financial stocks this week but I think there are still some hidden gems. Despite the negative sentiment towards anything financial-related today, there were a few bright spots — one of them called Intervest Bancshares (NASDAQ: IBCA). IBCA ended the day up 10% at $2.86 on almost 6x average volume [...]
The force driving stocks down the past few days have been the financials. First it was “rumors” of some potential banks shutting down, now it’s just profit taking. Today, stocks were down modestly — which is healthy considering that stocks took a major dive yesterday. A small pullback was probably overdue. However, it’s good to step back once in a while and look at the major trends in the market [...]
