Movers Roundup: CIT Group, PMC-Sierra

Among the stock activity stories for Friday, April 24, from AP Financial News:

NEW YORK (AP) — Shares of CIT Group Inc. tumbled Friday after multiple analysts cut their ratings on the diversified lender, and a day after it reported a wider-than-expected first-quarter loss.

PHILADELPHIA (AP) — Shares of PMC-Sierra Inc. jumped on Friday after an analyst raised his earnings estimates on the chipmaker after it posted a narrower first-quarter loss that beat Wall Street's expectations.

PHILADELPHIA (AP) — Shares of disk drive maker Western Digital Corp. fell sharply on Friday after an analyst downgraded the stock on concerns that lack of demand could pressure shares in the summer.

NEW YORK (AP) — Starent Networks Corp. shares jumped Friday after the wireless network equipment maker reported first-quarter earnings that climbed more than 30 percent, beating analysts' expectations.

NEW YORK (AP) — MEMC Electronic Materials shares jumped on Friday after the silicon wafer maker posted a first-quarter profit helped mainly by a hefty tax gain.

NEW YORK (AP) — Pinnacle Entertainment Inc.'s stock jumped Friday after the casino operator's first-quarter earnings results easily topped Wall Street's expectations.