DALLAS, March 31, 2010 (GLOBE NEWSWIRE) -- BeaconEquity.com announces an investment report featuring CIT Group Inc. (NYSE:CIT). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
The full report is available at: http://www.beaconequity.com/i/CIT
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CIT Group Inc. (CIT) operates as the holding company for CIT bank, providing financing and leasing capital worldwide. The Company derives revenue from asset based loans; secured lines of credit; operating, finance and leveraged leases; factoring services; vendor finance; import and export financing; small business loans; debtor-in-possession/turnaround financing; acquisition and expansion financing; and letters of credit/trade acceptances structuring.
In the report, the analyst notes:
"The Company's stock has rallied strongly following its emergence from bankruptcy, opened at $27 on the first day of trading on December 10, 2009, and moved higher to close at $38.98 on March 29, 2010.
"On March 16, the Company posted earnings of $3.2 billion, including the benefit of special accounting rules established through the Fresh Start Accounting (FSA) under FASB ASC 852. Excluding provisions of reorganization and other special items, the Company lost $1.0 billion, which resulted from weak revenue and high borrowing costs, according to management.
"The environment for bank stocks is unusual, not just in the scope of the damage to the industry but the government response to the developing crisis and the speculation the response has engendered. Stocks trading at levels not remotely tied to the underlying fundamentals are historically commonplace, and have been the theme of many recent bubbles starting with the popping of the tech bubble in 1999, the housing and credit bubble in 2007 …"
To read the entire report visit: http://www.beaconequity.com/i/CIT
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