Here’s Why These Five Stocks Are in Spotlight Today

ArcelorMittal SA (ADR) (NYSE:MT) shares are in the spotlight after Reuters reported that the EU has instituted provisional import duties on certain types of Chinese steel, which regulators find are priced at unfairly low prices (basically China’s dumping them). The duties, which are in the range of 13.2% to 22.6% for one type and 65.1% to 73.7% for another, will last for six months until the European Commission makes a more permanent decision, which could last five years. At the end of June, 25 funds tracked by us were long ArcelorMittal SA (ADR) (NYSE:MT).

Last but certainly not least, CIT Group Inc. (NYSE:CIT) shares have rallied by around 2.2% after the company announced a definitive agreement to sell CIT Commercial Air to Avolon Holdings for $10 billion. The transaction is expected to close by the end of the first quarter of 2017. The $10 billion purchase price represents a premium of around 6.7% to net assets and the company’s management intends to return up to $3.3 billion of common equity back to shareholders. CIT is selling its commercial aircraft leasing business to focus more on being a leading national middle-market bank. Among the funds in our database, 30 funds held $1.04 billion worth of CIT Group Inc. (NYSE:CIT)’s stock, which accounted for 16.10% of the float on June 30.

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