Price/Volume Leader Alert: CIT Group (CIT)

Posted in pre-market 
July 20th, 2009

CIT Group, Inc. (NYSE: CIT) is an obvious volume spike, but this is likely to be the focal point of the morning.  It is not even 7:40 AM EST and the unofficial volume before many trading systems are open is over 2.1 million shares.  The troubled may have avoided the bankruptcy hangman for now as its board has approved a $3 billion financing pact that will allow it to avoid bankruptcy.  We have shares trading up at $1.20 to $1.25 after closing at $0.70 Friday.  While average volume is 35 to 38 million shares, we’d expect to see that come to pass in the first hour.

8:45 AM EST UPDATE: Shares have now traded over 20 million and shares are up at $1.28.

-JON OGG

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