CIT Group Falls After Posting 42% Drop in Fourth-Quarter Profitby
CIT Group Inc. fell the most in more than five months after reporting a 42 percent decline in fourth-quarter profit.
Shares of the commercial lender tumbled 7.2 percent to $27.72 at 2:27 p.m., the most intraday since Aug. 24. The stock has fallen 30 percent this year, compared with the 7.3 percent decline of the Russell 1000 Index.
Net income fell to $144.5 million, or 72 cents a share, from $251 million, or $1.37, a year earlier, the New York-based firm said Tuesday in a statement. Adjusted earnings per share, excluding a restructuring charge, tax benefit and discontinued operations, were 84 cents, according to data compiled by Bloomberg.