CIT Double Whammy (CIT)

Posted in pre-market 
October 13th, 2009

CIT Group Inc. (NYSE: CIT) has two negatives, although one may not be too bad considering how the company has done.  There are reports that it is closer to bankruptcy and now its Chairman/CEO announced his resignation.

UPDATE: 9:28 AM EST: CIT shares are “INDICATED $0.80 X $1.00 as specialist is not open and trades are only off-exchange and ECN trades.  We have seen almost 5 million shares and $0.87 was the last trade.  Expect huge volume today as average days are over 100 million shares.

At 8:18 AM EST we have seen 1.3 million shares trade hands and the stock is down about 18% at $0.85 in pre-market trading. Volume looks light right now, but that will change.  Today is going to be a very active day at the specialist pit for CIT shares on the NYSE. -JON OGG

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