CIT Group Inc
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Financials : Banks | Small Cap Value
Company profile

CIT Group Inc. (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company's segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other. The Commercial Banking segment consists of four divisions: Commercial Finance, Rail, Real Estate Finance, and Business Capital. The Consumer Banking segment includes Retail Banking, Mortgage Lending, and SBA Lending (together referred to as Other Consumer Banking), and Legacy Consumer Mortgages (LCM). The Company's products and services include account receivables collection, acquisition and expansion financing, asset management and servicing, asset-based loans, debt underwriting and syndication, deposits, enterprise value and cash flow loans, equipment leases, factoring services and financial risk management.

Price
Delayed
$26.47
Day's Change
1.47 (5.88%)
Bid
--
Ask
--
B/A Size
--
Day's High
26.79
Day's Low
24.98
Volume
(Heavy Day)

Today's volume of 3,986,801 shares is on pace to be much greater than CIT's 10-day average volume of 3,692,436 shares.

3,986,801

UPDATE: Panicking about Tesla? These charts will make you feel a lot better

4:26 pm ET September 8, 2020 (MarketWatch)
Print

Shawn Langlois

The ride up was nice, but, ouch, that ride down?

By the end of August, shares of Tesla (TSLA) were up almost 500%, year to date, crushing the short-sellers and defying all the skeptics in a pandemic-bucking ride that paced a scorching market for high-tech disrupters. But Tesla's dizzying run has hit the skids of late, with the stock down 21% Tuesday alone to put its 5-day drop up to about 34% (https://www.marketwatch.com/story/tesla-stock-tumbles-toward-2nd-bear-market-in-6-months-2020-09-08?mod=home-page).

That's a painful reversal for those arriving late to the Tesla party, but it's also to be expected as even the most stellar long-term plays in history have endured similar, and much worse, drawdowns.

Of course, Tesla has plenty of company in this nasty September retreat, with high-fliers like Overstock (OSTK) , Peloton (PTON) and Zoom (ZM) all surrendering chunks of their outsized gains in recent sessions.

The good news: This is completely normal and healthy.

Read:'Pods of excess' will pop this bubble, investor warns (https://www.marketwatch.com/story/tesla-and-other-pods-of-excess-will-ultimately-lead-to-the-popping-of-todays-bubble-investor-warns-11599580223)

"Even if these companies live up to their now lofty expectations and their stocks end up being grand slam investments, it's not going to be a straight line up and to the right," Ritholtz Wealth Management's Ben Carlson explained (https://awealthofcommonsense.com/2020/09/why-even-the-best-stocks-have-to-crash/). "These companies could become some of the most successful stocks of the next few decades and they will still crash spectacularly at some point."

He pointed to several examples to back his point.

Apple (AAPL) , for instance, has rallied almost 120,000% (19.5% annualized) since its legendary journey kicked off back in the early 1980s. Along the way, it's dropped more than 75% three different times and has been cut in half several other times.

Then there's Amazon (AMZN) , which is up up almost 170,000% (a whopping 38% annualized) since 1997. However, at one point during that nosebleed ascent, the stock crashed almost 95% to go along with multiple declines of 30%.

It's not just among the tech juggernauts either. Walmart (WMT) , over the course of nearly five decades, has seen its stock gain more than 321,000%. The shares have lost 30% or more eight times and were stuck in negative territory from 2000 to 2012.

The list goes on and on, but you get the idea.

"This is what happens to successful companies and successful stocks," Carlson wrote. "If you want to earn big returns in the stock market, expect to live with big losses to get there."

Plenty of "successful" stocks came under heavy pressure during Tuesday's trading session, with the Dow Jones Industrial Average , Nasdaq Composite and S&P 500 all closing deep in the red.

-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 08, 2020 16:26 ET (20:26 GMT)

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