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Stock Alert: CIT Group Gains 21% As Earnings Beat Estimates

CIT Group Inc. (CIT) shares are rising more than 21 percent on Friday morning trade after the company reported third-quarter earnings that surpassed the Street view.

Currently, the shares are at $24.08, up 21.88 percent from its previous close of $19.74 on a volume of 6,497,999. After several months of stable trading, the shares started to gain from Wednesday and are now at a 30-day high.

For the third quarter, the company recorded net income of $83 million, down from $143 million in the previous year. On a per-share basis, earnings were $0.84, compared to $1.83 in the prior year. On average, 10 analysts polled by Thomson Reuters were looking for $0.11 per share.

Analyst estimates usually exclude special items. Revenue for the quarter increased to $474 million from $454 million a year ago. Wall Street expected $442.56 million.

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