Does CIT CEO Thain's Recent Stock Purchase Represent a Bottom?

CIT Group Inc. (NYSE:CIT) CEO John Thain has a knack for timing his investments in the company he manages.  Could Thain’s recent purchase of 40,000 CIT shares on May 15 indicate the firm has hit another floor? A recent research report from BTIG Research notes Thain’s successful track record at picking the lows in CIT Group Inc. (NYSE:CIT) stock while speculating a stock buyback might be in the offing.  The report also said CIT could be a potential acquisition target, saying “we think the risk-reward for CIT is very attractive in its current context, as downside appears limited and the shares…