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Century-old CIT Group Inc filed for bankruptcy in the Southern District Court of New York on Sunday.

According to the terms of the bankruptcy, bondholders will hold new CIT Group Inc. (NYSE: CIT) debt worth about 70% of the face value of the old debt. Preferred creditors, including the U.S. government, will get money only after other creditors are paid back. Common shareholders will receive nothing.

In December 2008, the U.S. government invested $2.33 billion dollars in CIT under the Troubled Asset Relief Program (TARP).

Today was one of those market days where you just felt like the stock market was headed lower no matter what. A report from the World Bank showing lower recovery is expected in 2009 and in 2010 did not help. It took the sails out of the commodity sector and therefore out of stocks.

With little economic data to center on, traders just continued the momentum of selling to take profits. We are also seeing a reversal here where now the market needs great news to rally.

Here are today's closing bell levels:

Dow 8,339.01 -200.72 (-2.35%)
S&P 500 893.04 -28.19 (-3.06%)
Nasdaq 1,766.19 -61.28 (-3.35%)

Top 10 Analyst Calls

Federal Reserve Chairman Ben Bernanke spoke today to the Council on Foreign Relations in Washington, D.C. on the state of the economy and our financial system. In the speech, the chairman acknowledged that the financial system requires a total overhaul as opposed to just additional regulation for banks. He said, "We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components."

This vast overhaul would have to address the shadow banking system as well as the international ramifications associated with these activities. If this regulatory framework is not comprehensive, the activities that caused the current crisis could simply take another unregulated form or move offshore.

CNBC just announced that Apple Inc. (NASDAQ: AAPL) shares are halted after hours for news.
The story is developing. Updates pending.

Update 4:40: According to CNBC, Apple CEO Steve Jobs is taking a medical leave of absence to focus on his health until June.

Steve Jobs, who successfully battled pancreatic cancer several years ago, was rumored the whole past year to be having serious health problems. He kept losing weight and looked gaunt.

Just last week, in a move that was very unlike him, Jobs revealed he suffers from a hormone imbalance that caused his weight loss. He said then he will continue as Apple's CEO during his recovery.

The questions investors will no doubt ask is how severe is this problem and how Jobs' absence will affect the daily operations at Apple. There has been talk of successors, but they have been more in the realm of remote possibility so far. This situation will now make the board, management and shareholders face reality of Apple without Jobs -- at least until June.

Intel Corp. (NASDAQ: INTC) slightly beat consensus: Q1 revenue was slightly ahead ($9.67 billion vs. $9.63 billion consensus). EPS was $0.25, but asset impairment, restructuring charges, and tax rate were higher than expected, so operating EPS was stronger than consensus. June revenue outlook in-line, full-year margin outlook slightly better than expected. Stock up strong in aftermarket.

Key points

• Microprocessor and chipset businesses as expected. Microprocessor units lower sequentially, with ASP flat. * NAND revenue flat as significant price declines offset unit growth.

• Gross margin: 53.8%, slightly below consensus of 54%.

• Tax rate slightly higher than expected: 33.5% vs. 31%, and restructuring and asset-impairment charges $329 million vs. $100 million estimate. Operating income stronger than appears.

• $2.5 billion share repurchase reduced share count

June revenue guidance: In line with consensus.

Usually, when sovereign funds put money into a company it is simply a financial investment. Dell (NASDAQ: DELL) may have unlocked something more. According to The Wall Street Journal: "Dell said it is in talks with a government-owned entity in Dubai about establishing a joint venture to further increase the personal-computer maker's sales in the Middle East." In other words, the computer company will get value well beyond cash.

For Dell, it is a brilliant move that shows government funds can do more than just write checks. The PC market in the Middle East is large and growing very rapidly.

The US company may have found a template for improving its market share around the world through forming joint ventures with local pools of capital. Dell's growth in many markets has been hurt by the improvement of share by Hewlett-Packard (NYSE: HPQ), and the rise of big computer companies Lenovo and Acer out of China. All of these companies need to improve their business in growing markets, like the Middle East and Asia, if they want their earnings to move up.

If the Dell venture in Dubai works, it would be wise to look to sovereign funds in Russia, China, and Singapore for similar deals. Dell's market share in many of these regions is in trouble. Who better than the locals to help them?

Douglas A. McIntyre is an editor at 24wallst.com.

The New York Times has reported that New York Governor Eliot Spitzer -- my governor, a man I voted for, covered when he was Attorney General, and have defended in many a heated conversation with friends and colleagues -- has admitted to being 'involved' in a prostitution ring.

How is he involved? Let's just say, I don't think he has been running the thing. In fact, as of this writing, I'm still holding out a smidgen of hope that the report is somehow wrong. Maybe he was just investigating it! (Okay, wishful thinking).

When the news conference starts -- presumably any minute (It's now 2:45 PM) -- I'll liveblog it to the best of my ability here (refresh this post to see updates). Then you too, can be among the first to know what Spitzer, possibly this century's greatest law-and-order hypocrite, has to say for himself.

3 PM: We're still waiting for the press conference to start. But CNBC has reports that government investigators have text messages of some sort. The discussion on TV now is that Spitzer will have to step down if there is any truth to this story. Commentators are also reprising just how zealous Spitzer was in his prosecutions of Wall Street executives. Silly me, I thought that meant he really knew the difference between right and wrong.

3:13: Oops! missed it! That was quick. Spitzer read a brief statement. All I heard was him apologizing to his family.

3:15: Rewind: He said, "I have I've acted in a way that violates my obilgations to my family and that violates my or any standards of right or wroing. I apologize first and foremost to my family."

At 5:00pm EST Apple will be broadcasting it's earnings report and we'll be here liveblogging the results. You can also follow along at our sister site, The Unofficial Apple Weblog, for a report of the event.

Our own Georges Yared did an earnings preview post, noting that estimates called for "revenues of $9.3-9.4 billion and earnings per share of $1.55-1.60. Stories circulating on many trading desks suggest that Apple could have topped $10 billion and earnings could range between $1.80 and $1.85. In this environment, will it really matter how much Apple exceeds expectations?"

A rough stock market abroad and here in the states could mitigate any successes Apple has to crow about today.

4:43pm: the live broadcast via quicktime is up and we're listening to piano music while on hold.

4:53pm: hold music is cutting in and out.

5:01pm: still on hold, but Apple has released their press release on earnings:

Citigroup Inc. (NYSE: C) reported a loss that was twice what investors expected. But in early trading, there seems to be disappointment that the loss was not even bigger. The reason for the disappointment is that investors were hoping that Citi could take its losses all in one quarter and move forward.

But since banks need to maintain a ratio of capital to assets -- specifically Tier 1 capital of at least 6% -- Citi can't write-down its assets -- which reduce a bank's capital level -- without either shoring up its capital or getting rid of more assets.

I will be liveblogging Citi's conference call which begins at 8:30 a.m. I have never done this before. Here are some questions I'll be listening for:

While the spotlight may be on Countrywide Financial Corp. (NYSE: CFC) CEO Angelo Mozilo for selling a large number of his shares over the past year, some of his directors did the same. The SEC has started an informal review of whether Mozilo's sales were proper. The stock traded above $45 last last year and now sit below $15.

According to data collected by The Wall Street Journal, several directors made big sales. Jeffrey Cummingham, head of Directorship Magazine, has sold $2.4 million worth of shares. Robert Donato, who used to be with Paine Webber, has unloaded stock worth $2.1 million. Two other directors also made sales.

Countrywide directors are also better paid than those on most public company boards. The Journal reports that (subscription required) in 2006 "their total compensation ranged from $344,988 to $477,824 in 2006."

All of this raises the question of how fair the Countrywide board can be in evaluating Mozilo's actions as the head of the company, especially his contribution to the firm's fast-falling share price. If the investigation into Mozilo's own share sales turns nasty, he faces a board that has also made a great deal on the stock.

Like the rest of Countrywide, the board is a mess. With shareholders suits already beginning, Mozilo may not be the only person in trouble at the big mortgage lender.

Douglas A. McIntyre is an editor at 247wallst.com.

Shares in internet search behemoth Google, Inc. (NASDAQ: GOOG) recently rose to their highest level ever, giving the company a market capitalization figure (briefly) of over $200 billion. For a company that does not exist except in the virtual sense, that's impressive. The company makes no physical products (save for corporate search appliances) and rose to that level in just over three years on the public market. Is this for real?

Well, Google's recent quarterly earnings have shown that, so far, it is. The company just continues to make money hand over fist in the internet search arena, and has worked many acquisitions into itself to prepare for the day when -- gasp -- it can't grow by leaps and bounds on search results-based text advertising prowess alone. The company reported huge Q3 earnings today, with revenues of over $4.23 billion.

Analyst consensus expectations were for a $3.25 EPS figure, and Google smashed that with a $3.38 (GAAP) figure. So, stay tuned below as we'll hear what Google execs have to say about yet another record-setting quarter. Be sure and use the "Refresh" key to make sure you catch all the minute-by-minute updates below. All times are in EST.

General Electric Co. (NYSE: GE) will be reporting earnings here in a few minutes, and below I'll be covering the results and analyst Q&A session live. The company is set to have a handsome profit after the $11.6 billion sale of its plastics division. CEO Jeff Immelt has focused on selling slower-growth divisions in recent years to focus on faster growth areas like water-processing technology, health care and eco-products (products that help communities save energy).

The company's Q3 results are expected to include a $1.7 billion to $1.9 billion in collective charges, with a good 20% of that figure related to its exit from the mortgage business it operates under the WMC Mortgage Securities brand. Like every mortgage company with a subprime arm, GE's mortgage portfolio has lost money in recent times as consumers went belly-up with mortgage loan resets and foreclosures. In addition to charges related to that division, there are many other financial transactions that will affect quarterly numbers as well.

Average analyst expectations call for an EPS of $0.50 on $42.42 billion in quarterly revenue. Specifically referenced as a major contributor to GE's expected results was the performance of its global infrastructure unit (everything from aircraft engines to steam turbines). Will the company match or beat expectations? Find out below. Remember to use the "Refresh" key on your web browser to ensure you see all the minute-by-minute updates to the post below. All times are in EDT.

Will General Motors' August sales show a slowdown like they did in July? If the summer months and historical data continue, then yes. The U.S. automaker is about to discuss its U.S. sales results for last month here in a few minutes. Ford just released its August numbers to the tune of a 14% decline year over year. Will GM see the same?

GM's product lineup is solid and getting better, for Ford seems to be ahead in the customer's mind if you ask me. With the company scaling back truck production this year in a pretty significant way (on its most profitable segment), what is in store for the automaker for the remainder of 2007? Perhaps we'll get a glimpse here in a few seconds.

Remember to use the "Refresh" button on your web browser to see all the minute-by-minute updates to the liveblog below. It'll be interesting to see if GM sees a decline in August sales (I'm betting it will) in comparison to Toyota's August sales increase in the U.S. All times are in EST.

Did Ford have a good August in terms of U.S. sales, or did the company's results slip like they did in July? We are about to find out, as Ford will be discussing U.S. sales results for August 2007 here in a few minutes. Ford's George Pipas will take the helm to talk about the automaker's August sales results.

The company has seen major changes in the last three quarters as newer CEO Alan Mulally has taken the struggling automaker to cost-cutting land in addition to designing cars (and increasingly, smaller SUVs) that U.S. buyers are wanting to actually purchase. In terms of this product segment, it's my belief that Ford is beating competitor GM here, and soundly.

So, with gas prices still holding steady near $3.00 per gallon in much of the country, let's see what Ford managed to secure in terms of U.S. business last month. Remember to use the "Refresh" key on your web browser to get all the minute-by-minute updates below. All times are in EST.

Dell, Inc. (NASDAQ: DELL) released Q2 financial this afternoon after the market closed. As I indicated yesterday, this Q2 period was probably one of the more highly anticipated earnings releases from the computer maker in quite a while. Just a few weeks ago, the company concluded its own internal financial investigation into possible financial shenanigans and the results included over $150 million in quarterly restatements stemming back to 2002. The official SEC investigation is not through yet. If you want details on the Q2 results before the webcast with Dell executives begins, here you go.

Dell's Q2 conference call will most likely shed some light on the fight the computer maker has had since January of this year to try and catch up to larger rival Hewlett-Packard Co. (NYSE: HPQ), which reported a touch under $25 billion in revenues for its latest quarter.

Has Dell seen increased shipments of PCs with its newer and colorful laptop systems? Is the Wal-Mart retail relationship going well for the company? These questions and many more are on tap here in a few minutes once the analysts dig in with questions.

Analyst expectations were for Dell to report an earnings figure of 30 cents per share on revenue of $14.63 billion. It will be interesting to see if any analyst questions come up about this week's acquisition of smaller PC rival Gateway, Inc. (NYSE: GTW) by Taiwan's Acer. Stay tuned by using the "Refresh" button on your web browser to see all the minute-by-minute updates below. All times are in CST.