Stock Market News: CIT Group Announced Bankruptcy Plans; Ford Reports Profit

• Ford (F) reported a profit of 26 cents a share, beating expectations of a 12 cent loss, on better-than-expected revenues of $30.9 billion. The firm maintained estimates for 2009 industry sales of 10.6 million. Cash reserves went from $21 billion to $23.8 billion during the quarter
• CIT Group (CIT) announced its prepackaged bankruptcy plans with an exit possible as soon as two months hence. Bondholders could receive 70 cents on the dollar in a proceeding of due process in the courts, exclusive of government control
• Pfizer (PFE) CEO Kindler told the Financial Times he expects passage of the final healthcare bill by yearend
• Royal Bank of Scotland (RBS) said negotiations with the European Commission are in their final stages, and “will include some divestments not initially contemplated”
• Number one milk producer, Dean Foods (DF), reported third quarter earnings of 34 cents a share, one cent above estimates, on revenues of $2.77 billion, off estimates of $2.94 billion
• Humana (HUM) released third quarter earnings one penny above estimates at $1.78 on in-line revenues of $7.72 billion

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