CIT Group, Inc. (NYSE: CIT) is trading up this morning on news that could ultimately be bad for shareholders. CIT has amended its debt offering terms under a packaged bankruptcy reorganization. CIT is up 3.5% at $1.18 on over 400,000 shares of stock at 8:26 AM EST. As a reminder, CIT was under fire on Friday by a Carl Icahn open letter to bondholders calling that the value of the bonds could be Par (100 cents on the dollar). CIT trades close to 90 million shares per day and where this one closes today is anyone’s guess as of now. -JON OGG
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