CIT Group, Inc. (NYSE: CIT) is trading up despite a $1 billion loss.  Volume is thin as of 8:35 AM EST but the shares are actually up 3% at $37.38 versus a post-bankruptcy emergence trading range of $24.83 to $37.88.

Fuqi International Inc. (NASDAQ: FUQI) issued an earnings warning and miss, issued an accounting restatement for Q1 2009 to Q3 2009, and said margins were lower.  The company even partly blamed delays into Chinese New Year.  At 8:35 AM EST we have seen a 29% drop to $13.47 for the Chinese jeweler and we are close to 400,000 shares.

General Growth Properties Inc. (NYSE: GGP) is trading higher on late day reports that it may be getting a higher Simon Property buyout offer. There has yet to be a higher bid and what that bid would be is up for discussion. At 8:35 AM EST we have only about 20,000 shares traded but shares are up 2% at $15.40.

Polycom, Inc. (NASDAQ: PLCM) is running up to more than two-year highs in pre-market trading on reports that the company may go private in a deal with Apax Partners.  More buyout rumors, again.  Shares at 8:35 AM EST have already gone over 1 million shares versus a full day’s volume of about 1.4 million shares.  The stock is up 9% at $33.20 and the old 52-week high is $30.50.

Harley-Davidson, Inc. (NYSE: HOG) was up all day yesterday on KKR buyout rumors. The stock is thin in pre-market volume today but the shares are up 0.7% at $28.55.  Shares hit an intra-day high of $28.35 yesterday.

General Electric Co. (NYSE: GE) is trading up again this morning.  At 8:38 AM EST we have seen close to 500K shares trade and the stock is up about 0.9% at $18.24.  Yesterday’s high was $18.14, which is also a 52-week high.

AMBAC Financial Group, Inc. (NYSE: ABK) is actually trading up after the troubled financial guaranty company delayed its earnings report.  The company is said to be in talks with counterparties and it has recently noted its NYSE listing requirements with its share price so low.

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JON C. OGG

Allied Irish Banks plc (NYSE: AIB) is seeing its ADRs trade lower yet again on concern of sovereign debt exposure in the PIIGS.  Shares are down 7.5% at $3.06 in early pre-market trading.

AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) is up on thin volume after the company issued a statement defending its recent troubles as the same percentages as had been indicated in testing.  The stock closed at $37.77 Friday and is up 5.9% at $40.00 on thin volume so far this morning.

CIT Group, Inc. (NYSE: CIT) is up 4% at $32.00 this morning after naming John Thain as CEO and Chairman of the company.

CVS Caremark Corporation (NYSE: CVS) is up 2.7% at $31.91 on over 50,000 shares after beating earnings expectations.

Hasbro Inc. (NYSE: HAS) is up after $1.09 EPS vs. $0.81 Thomson Reuters estimates.  Revenue rose over 11% to $1.37 billion vs. $1.33 billion estimates.  Shares are up 9% at $33.60 on almost 100,000 shares.

National Bank of Greece SA (NYSE: NBG) is seeing its ADRs down yet again over Greek debt risks and the concern in the PIIGS… Shares are down over 8% at $3.61 in early pre-market trading.

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Price snapshots take right around 8:40 AM EST

JON C. OGG
FEBRUARY 8, 2010

JON C. OGG

UPDATE 9:21 AM EST: We have now seen almost 3 million shares trade and expect more to come on rapidly.  Shares are now down 16% at $0.80 on talk that its pre-packaged bankruptcy filing may come as early as this weekend or Monday morning.  Shareholders of common shares know how bad this generally is form them.  Real bad.

At 8:56 AM EST we have shares trading down 7.3% at $0.88 on almost 1.4 million shares.  Of course the volume is extremely high at 87 million shares on average per day, but this gets the stock within striking distance of yesterday’s $0.85 low and with the $0.82 low on OCT 13.  We saw those same levels in early-August.  JON OGG

UPDATE at 10:45 AM EST…. Shares are still up 12.5% at $1.26, but that is off of highs of $1.36 earlier this morning.  We have seen roughly 86 million shares after 1 hour and 15 minutes plus the pre-market activity compared to average daily volume of just over 100 million shares.

UPDATE at 9:08 AM EST.… CIT is up over 17% at $1.32 on almost 12 million shares after reports are out that Carl Icahn has offered to underwrite $6 billion in loans to CIT Group.

Regardless, CIT is up about 8% at $1.22 at 8:09 AM EST and we have already seen 600,000 shares trade hands.  Average volume is still over 100 million shares per day now, so active here is a relative notion. -JON OGG

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

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

Douglas A. McIntyre

The stock moved up 40% to $2.20 on a rumor that a hedge fund manager might salvage the company.

This morning it is down to $1.26.

Douglas A. McIntyre