Financial Junk Trades Higher (ETFC, CIT, AIG)

Posted in pre-market 
October 6th, 2009

E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) has no real news but did schedule its third quarter 2009 financial results release for after the close trading on Tuesday, October 27, 2009.  As the markets are higher, traders are bidding up the low-priced or junky financial firms again.  ETFC is up 1.8% at $1.75 on 350,000 shares as of 8:39 AM EST.

CIT Group Inc. (NYSE: CIT) is getting a bid this morning on no news.  Shares are up 3.5% at $1.16 as of 8:39 AM EST on over 600,000 shares.

American International Group, Inc. (NYSE: AIG) was given a whopping ‘Neutral’ rating in new resumed coverage over at UBS this morning.  Somehow, shares are up over 2% at $43.77 on almost 200,000 shares.

These moves are sentiment-driven rather than news driven.

JON OGG

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