Why CIT Group Extended Its Winning Streak on Monday

Why CIT Group Extended Its Winning Streak on Monday

On Monday, CIT Group (NYSE: CIT) did extremely well for a company that will, technically, soon cease to exist. It is merging with First Citizens BancShares (OTC: FCNCB), and the combined company will retain the First Citizens branding and that company's ticker symbol. The merger, plus encouraging third-quarter results also released on Friday, strapped a rocket to CIT's stock.