Bears Bet CIT Group Will Slide (CIT)

Shares of CIT Group Inc. CIT are lower on the session by 0.23%, currently trading at $38.21. The stock has been gyrating around the $35 level for two months. Options traders are betting that the stock will slide today. It appears that a 1x2 put spread was purchased in CIT Group; the July $37 put traded 1,300 times today on open interest of 2,021 contracts and the July $34 put traded 2,600 times on open interest of 1,401 contracts. This suggests that the trader believes the stock will sell off to $34, but no further than that (as the max gain will be reaped at the $34 handle). Put volume is now running at 2.01x the daily average. CIT Group Inc. is a bank holding company, which provides commercial financing and leasing products, and management advisory services to clients in a variety of industries. CIT operates primarily in North America, with locations in Europe, Latin America, Australia and the Asia-Pacific region. Want to share YOUR story with our dynamic and rapidly growing audience? Click here to become a Contributor.