Rochester, NY 8/19/2009 4:26:27 AM
CIT Group, Inc., CIT - Stocks Went Up, Despite Recent Loss of $1.68B
CIT Group, Inc.
Stocks of CIT Group gained a market high earning nearly 9% Tuesday, as investors shrugged off a second-quarter loss of $1.68 billion after a successful tender offer.
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CIT, which had delayed filing its financial report for nearly a month, reported a loss of $4.30 per share, vs. a $7.88 per share loss in the last quarter and a gain of 12 cents a year ago. Eight analysts polled by Thomson Reuters had expected a smaller loss of $1.95 per share.
But CIT shares, which climbed as high as $1.48 Tuesday, were up eight cents, or 5.9%, to $1.44 in recent trading, as liquidity is a bigger factor than earnings for CIT shareholders these days.
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