Some of the names on the move ahead of the open.» Read More
*No significant likelihood of another bank deal- CEO John Thain. July 22- U.S. small-business lender CIT Group Inc said it would buy California bank OneWest Bank NA for $3.4 billion in cash and stock, a deal that will give CIT a more reliable source of funding.
July 22- U.S. small-business lender CIT Group Inc said it would buy regional lender OneWest Bank NA for $3.4 billion in cash and stock, its second deal in two months to boost its middle-market lending operations.
NEW YORK— CIT Group will buy privately owned OneWest Bank in a $3.4 billion cash-and-stock deal. IMB shareholders will receive $2 billion in cash and 31.3 million CIT Group shares that are currently valued at $1.4 billion. OneWest will merge with CIT Group's banking subsidiary CIT Bank, and all locations will operate under the CIT Bank sign.
FARNBOROUGH, England, July 16- U.S. aircraft leasing firm CIT Group said on Wednesday it had agreed a deal for Rolls-Royce Trent 7000 engines to power 15 Airbus A330-900neo planes it recently ordered.
NEW YORK— The aircraft-leasing firm CIT Group Inc. has ordered 10 Boeing 787 passenger jets with a list price of $2.5 billion, Boeing said Tuesday. CIT ordered the new, larger version of the 787, which Boeing calls the Dreamliner. According to Boeing, both 787 models use about 20 percent less fuel than similarly sized planes.
The arguments over whether Tim Geithner made the right move with the bailouts will only heat up as the midterm elections approach, Politico's Ben White says.
Even billionaires and business titans make mistakes. As zeroes attached to each mistake multiplied, so did the risk to their fortunes and reputations.
*Q1 earnings $0.55/ share vs est of $0.87. April 29- Small-business lender CIT Group Inc reported a lower-than-expected quarterly profit due to a drop in fee income and weaker margins resulting from the sale of non-strategic businesses, sending its shares down as much as 8 percent.
Some of Tuesday's midday movers:
April 29- CIT Group Inc's quarterly profit fell by a third as the small-business lender earned lower interest on loans. The lender's net income fell to $109.1 million, or 55 cents per share, in the first quarter ended March 31, from $162.6 million, or 81 cents per share, a year earlier.
April 29- CIT Group Inc reported a 33 percent fall in quarterly profit as the small-business lender earned lower interest and fees on loans. The lender's net income fell to $109.1 million, or 55 cents per share, for the first quarter ended March 31, from $162.6 million, or 81 cents per share, a year earlier. Total interest income fell about 9.4 percent to $323.3 million.
Investors will navigate a Fed meeting, an earnings flood, and significant economic data, but traders agree global tensions will continue to dominate the market.
April 10- Shares of auto-lender Ally Financial Inc fell as much as 4.1 percent in their market debut on Thursday, taking the shine off the biggest U.S. initial public offering so far this year as investor appetite for big stock offerings shows signs of waning.
Feb 25- U.S. companies borrowed more in January to spend on capital investment, the Equipment Leasing and Finance Association said.
The European Commission has outlined plans to crack down on banks' risky trading activities in an effort to put an end to lenders deemed "too big to fail."
Some of Tuesday's midday movers:
Jan 28- CIT Group Inc reported a 37 percent fall in its quarterly profit as the century-old small-business lender booked a charge and earned lower interest income. The company booked a $45 million settlement charge in the quarter related to a dispute with former parent Tyco International Ltd..
Jan 28- Small-business lender CIT Group Inc reported a 37 percent fall in its quarterly profit due to higher expenses. Net income fell to $129.9 million, or 65 cents per share, for the fourth quarter ended Dec. 30 from $206.8 million, or $1.03 per share, a year earlier. The New York- based lender's expenses, excluding interest expense, rose 19 percent to $433.4 million.
Traders are bracing for another rough ride in markets this week, as the emerging markets continue to shakeout and the Fed is expected to announce another round of cuts to its easing program.
HSBC said it had suspended two foreign exchange traders in London and Citigroup said it had put a pair of traders on leave.