Why CIT Group Extended Its Winning Streak on Monday
On Monday, CIT Group (NYSE: CIT) did extremely well for a company that will, technically, soon cease to exist. It is merging with First Citizens BancShares (OTC: FCNCB), and the combined company will retain the First Citizens branding and that company's ticker symbol.
The merger, plus encouraging third-quarter results also released on Friday, strapped a rocket to CIT's stock. On Monday, against the backdrop of a gloomy market, investors continued to pile in, giving the shares an additional 5.3% boost.
As with other banks, CIT's Q3 was far more encouraging than its coronavirus-afflicted Q2. Revenue was up considerably not only on a quarter-over-quarter basis (15%), but also on a year-over-year basis (4%).
Source Fool.com
