On Thursday, CIT Group Inc. (NYSE:CIT)’s shares inclined 1.35% to $40.57.
Recently’s market is saturated with capital equipment investment dollars from lenders that may not have expertise in the specific sectors in which they’re lending. And while the access to capital is a boon from a low interest rate perspective, the lack of industry expertise and understanding of a business can result in onerous lending terms when the market retreats. These are some of the observations presented by Eric Miller, Group Head and Managing Director of CIT Capital Equipment Finance, a division of CIT Group Inc. (CIT), a leading provider of commercial lending and leasing services, in “Capital Equipment Finance: The Lifeblood of Growth,” (www.cit.com/miller) the latest piece of market intelligence in the CIT Executive Insights video series.
“Due to recently’s positive market conditions, a wide variety of lenders can offer low rates without necessarily offering deep experience lending within a business’ particular industry,” said Miller. “This lack of expertise can cause friction when a sector goes through a natural cycle. A lender may try to impose harsh terms, underscoring a lack of knowledge about the industry and the business’ ability to operate in a natural downturn, which ultimately put the business at risk.”
CIT Group Inc. operates as the holding company for CIT bank that provides commercial financing and leasing products; and a suite of savings options in the United States. Its Transportation & International Finance segment offers leasing and financing solutions to operators and suppliers in the aviation and railcar industries.
SolarCity Corp (NASDAQ:SCTY)’s shares gained 1.22% to $43.23.
The Northern and Central California SunShot Alliance declared plans to construct and interconnect rooftop solar systems in one day or less, an unprecedented aim given the industry’s current average of 30 days. In a contest sponsored by the U.S. Department of Energy SunShot Initiative, teams made up of local governments, solar and technology companies, and electric utilities will compete for a total of $10 million in cash prizes that will go back into local communities.
The alliance, which comprises Pacific Gas and Electric Company, SolarCity, Qado Energy, Accela and the City of Livermore, will compete in the small systems category (1 - 100 kW) for a first-place prize of $3 million and second-place prize of $1 million. The potential winnings would be split between the City of Livermore and possibly other jurisdictions that will use the funds to enhance the solar experience in their communities. The alliance is also eligible for the Change Prize Award of $100,000, which will be used to develop necessary technologies and recruit additional jurisdictions to join the team.
SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States.
At the end of Thursday’s trade, Gentex Corporation (NASDAQ:GNTX)‘s shares surged 0.45% to $15.57.
Gentex Corporation ( GNTX) — Seeing what’s behind you is critical to safe driving, whether you’re in a passenger vehicle or one of the most technologically advanced racecars in the world. A new pioneering technology designed to improve rear vision recently took a step closer to reality after successfully debuting at the grueling 24 Hours of Le Mans on Nissan’s new GT-R LM NISMO race car. The system comprises of a tiny rearward-facing camera that feeds live video to a mirror-integrated display in order to optimize a vehicle’s rearward view.
Gentex Corporation, a leading supplier of vision-related technologies to the global automotive industry, developed the technology. The system was originally designed for application on passenger vehicles; however, the Company recently formed a partnership with the Nissan Motorsports Team, which allowed the system to be installed on Nissan’s new LM P1 race cars and thoroughly vetted under demanding race conditions.
Gentex Corporation designs, develops, manufactures, and markets automatic-dimming rearview mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry worldwide.
Norfolk Southern Corp. (NYSE:NSC), ended its Thursday’s trading session with 1.22% gain, and closed at $77.33.
The board of directors of Norfolk Southern Corp. (NSC) has named Michael J. Wheeler executive vice president and chief operating officer, effective Feb. 1, 2016, following the retirement of Mark D. Manion on that date.
Additionally, effective Oct. 1, 2015, Cindy C. Earhart’s title is executive vice president administration and chief information officer, reflecting her new responsibility for the corporation’s Information Technology department. Earhart assumes the IT responsibility following the Oct. 1, 2015, retirement of Deborah H. Butler.
Norfolk Southern Corporation, together with its auxiliaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. As of December 31, 2014, it operated about 20,000 miles of road in 22 states and the District of Columbia.
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