The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.TheStreet.com brings you the news all day, and with RealMoney's "Columnist Conversation," you can see how the pros are playing it on a real-time basis. Here are the top five ideas played today. To see all that RealMoney offers, click here for a free trial.
UpgradesBy Jim Cramer
7:13 a.m. EDT Remarkable series of upgrades this morning: Bank of America raises Caterpillar ( CAT) ahead of what is thought to be a horrible quarter. Disney ( DIS) and CBS ( CBS) taken up at Morgan Stanley; the former has been hot as it is. And Johnson Controls ( JCI) with its big number just now and lots of market share take... Positions: None
Bank Credit Rallies on CIT NewsBy Tom Graff
7:45 a.m. EDT Bank and finance bonds are tighter today on news that CIT ( CIT) has reached a deal with existing bondholders, averting bankruptcy for now. Bank of America ( BAC), Citigroup ( C), JPMorgan Chase ( JPM) and Wells Fargo ( WFC) are all about 10 tighter, Goldman Sachs ( GS) and Morgan Stanley ( MS) both 5 tighter. I think CIT remains a cautionary tale. Government money was not forthcoming for CIT. It does sound like some regulatory relief may happen, allowing assets to transfer to the bank part of the company. Regardless, if the company hadn't been able to work out a private funding deal, there wasn't going to be any federally funded white knight riding to the rescue. I don't understand why investors remain so sanguine about similar-sized financials: Fifth Third ( FITB), KeyCorp ( KEY), Comerica ( CMA), Marshall & Ilsley ( MI), M&T Bank ( MTB), etc. CIT proves that none of these guys are "too big to fail."