Volume Spike Investor

CIT Group, Inc. (NYSE: CIT) has pulled an about-face on traders this morning.  Shares were indicated down about 4% after showing a $1.62 billion loss for the quarter and after increasing reserves to account for future losses. Its tender offer for $1 billion in floating-rate notes was successful, although the 59.8% of notes that were tendered was below the level previously announced.  Now shares are up 5% at $1.42 at 8:40 AM EST on almost 1.4 million shares in pre-market trading.  -JON OGG