Reuters dominates CIT coverage

CIT`s shares more than doubled, its bonds firmed and the U.S. corporate bond yield spreads bounced back on July 17 after a Reuters report saying that CIT was in talks with JPMorgan and Goldman Sachs about short term financing. The news was picked by other media, including CNBC and Dow Jones. Bloomberg could not match many of these details. Reuters was also the first to signal the CIT’s talks on a government bailout package were running into trouble. Reuters cited a source familiar with the talks as saying that the discussions could end up with a bankruptcy filing. CNBC caught up with the Reuters story about an hour later, while Bloomberg and Dow weren’t immediately sighted. CIT shares fell 75 percent on July 16.