This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CIT Spikes as It Emerges From Bankruptcy

(CIT story updated with additional analyst commentary on CIT's emergence from bankruptcy.)

NEW YORK ( TheStreet) -- CIT (CIT - Get Report) is surging on its first day of trading after emerging from bankruptcy protection.

Shares of the lender are spiking 10% to $28.05, after opening at $25.50.

CIT pulled out of bankruptcy in just six weeks. The company was forced into bankruptcy on Nov. 1 after it failed to raise enough cash to repay its debt.

Few financial companies have been able to emerge from bankruptcy, especially as quickly as CIT has. This is a big positive, says Randy Marshall, founding managing director at Protiviti, a global consulting and internal auditing firm.

"Once you have a brand that goes into bankruptcy, history shows that's usually it," he says. "It is significant that CIT has even gotten to this stage, which makes me optimistic.

Still, CIT faces some challenges. "It is a tough market to come back into, and their relationship with their customers will surely be a struggle," says Michael Gallo, partner at law firm DeCotiis, FitzPatrick, Cole & Wisler, and head of the Banking Law practice group.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CIT $47.51 0.42%
AAPL $127.60 2.28%
FB $83.09 2.87%
GOOG $535.38 2.16%
TSLA $205.27 -0.74%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs