CIT is down 6 cents to $1.01 and Nov 1 puts are seeing interest. 5371 traded in the first ten minutes and about 55 percent traded ask-side. The stock is down and puts are being bought, even as Carl Icahn attempts to provide downside protection for smaller note holders by offering a 30-day tender offer at 60 percent of par value. Icahn is trying to build opposition to CIT’s pre-packaged bankruptcy plan (Link to Story). The company is due to report earnings Thursday, before market.