Will Anything Stop These Stocks From Big Gains Today?

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CIT Group Inc. (NYSE:CIT) is up by 12.86% after the company announced that it will sell its lending operations in China and Canada, as well as consider strategic options for its $10 billion Commercial Air business. CEO John Thain will also step down, as he has successfully turned around the formerly bankrupt lender after taking the reins in 2010. Given today’s rally, shares are down by 6% year-to-date and trade at a forward P/E of around 12. 33 of the 730 funds we track reported stakes worth $1.09 billion in CIT Group Inc. (NYSE:CIT), representing 13.50% of the float, in the previous round of 13F filings, down slightly from 34 funds with $1.12 billion worth of shares a quarter earlier.

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Ferrari NV (NYSE:RACE) is up by an additional 3.5% after yesterday’s 5.77% gains. Investors are excited to finally be able to own a piece of the ultra-high premium car manufacturer, given the enormous value of its brand. Although Ferrari could easily sell more cars if it wanted to, the company has refrained from doing so to preserve its prestige. Given the strong U.S stock market, Ferrari’s prices will likely increase more than inflation this year, giving major Ferrari stock holders such as Mohnish Pabrai of Pabrai Investment Funds and Guy Spier of Aquamarine Capital, something to be happy about.

Disclosure: None

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