CIT Group (CIT) Stock: Here’s Why It’s Skyrocketing

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CIT Group Inc. (NYSE: CIT)

CIT Group was off to a normal day in the market with your general ups and downs. However, the CNA Finance team noticed that minutes ago, a decent spike in value started to happen. Today, we’ll talk about what we’re seeing from the stock, why it’s happening, and what we can expect to see from CIT ahead.

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What We’re Seeing From CIT

As mentioned above, CIT Group was off to a relatively normal start to the day today. It had its ups, it had its downs, but the trading remained relatively flat. However, minutes ago, we started to see a relatively strong spike in the value of the stock. Currently (2:25), CIT is trading at $36.43 per share after a gain of $0.53 per share or 1.46% thus far.

Why We’re Seeing The Gains

Of course, as soon as the spike started, the CNA Finance team went digging to see what was causing the movement. The gains on CIT seem to be the result of a report from Benzinga. In the report, investors learned that the company has hired Boston Consulting in order to help maximize shareholder value.

These types of stories tend to cause quite a bit of excitement as they could lead to acquisitions down the road. Not to mention, any time a company is thinking of its shareholders in a public way, we can expect to see gains. As a result, CIT is climbing in the market.

What We Can Expect To See Ahead

This is definitely going to be an interesting stock to follow. Tomorrow, CIT Group will be reporting earnings, and further movement will likely depend on how the report goes. However, all in all, it seems as though the company is up to something that will likely lead to further gains.

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[Image Courtesy of Wikimedia]

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