CIT Group (CIT, news, chart, volatility) shares are 17% higher today, near 4.05, following a 21% climb yesterday on news of an oversubscribed debt offering by the commercial finance company. Flow today is dominated by call trading, with buyers of the Dec 5 strike suggesting a view that shares may continue to climb. 12,000 Dec 5s have traded, priced from 20 to 40 cents, lifting implied vols more than 20points to 210%.