Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of CIT Group
So what: CIT Bank had been under the cease and desist order preventing the bank from taking new deposits. The ban was lifted today and should open up a new funding source for the company.
Now what: With the ban lifted, CIT should find it somewhat easier to get funding for its lending business. CIT has turned around quickly since returning from bankruptcy, and this should be another catalyst for the company. I would prefer to buy on tangible financial results rather than the hope that this brings, but it's good news nonetheless.
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