Calls Sold on CIT Group (CIT)
July 15, 2010 10:33 AM
Shares of CIT Group Inc. (NYSE: CIT) are lower on the session by 1.88%, currently trading at $36.56. The stock has been trading largely lower over the past three months and is currently in a technical downtrend; the stock is now at the technical sell point.
Options traders are selling calls today, not coincidentally. The January 2011 $31 call was sold 5,000 times, on or near the bid, on open interest on 10 contracts and the January 2011 $32 call was sold 3,500 times, near the bid on no open interest.
Call volume is now running at 3.60x 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 bank is its primary bank subsidiary. The company provides financing and leasing capital to its clients and their customers in over 30 industries and 50 countries.
