CIT jumps as Reuters reports it close to finalizing loan

Shares of CIT jumped 8 percent on Oct. 14 after Reuters reported that the struggling commercial lender was getting closer to finalizing the terms of a new loan that would give it an additional $3 billion to $6.5 billion. Bloomberg had to cite Reuters for the news. Dow Jones followed with its story nearly four hours later. Late on Oct. 16, CIT and a group representing its bondholders agreed on changes to its restructuring plan.