Biggest Losers (CIT,ICON,RGN,LUNA,RMTI)

CIT Group Inc. (NYSE: CIT) plummeted 35% to $1.42 on huge volume of 355.75 million shares as according to reports from Reuters, CIT is near a plan to turn itself over to its bondholders, citing sources familiar with the matter. CIT is preparing an exchange offer that would eliminate up to 40% of its more than $30 billion in outstanding debt. The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a restructured company, one source said.

Iconix Brand Group, Inc. (NASDAQ: ICON) fell 21% to $12.58 on unusual volume of 7.65 million shares after it revisied its full year 2009 revenue guidance to a range of approximately $215-$220 million from prior guidance of a range of $223-$230 million. The comapny revised its 2009 non-GAAP diluted EPS guidance to a range of $1.17-$1.22 from its previous range of $1.30-$1.35 and its 2009 GAAP diluted EPS guidance to a range of $1.06-$1.11 from its previous range of $1.16-$1.21.

RegeneRx Biopharmaceuticals, Inc. (AMEX: RGN) decreased $0.27 or 24% to $0.85 on huge volume of 919K shares on the news that it has entered into a securities purchase agreement with new institutional investors for the sale of 4,512,195 shares of its common stock in a registered direct offering at $0.82 per share. In addition, warrants to purchase 2,256,098 shares of common stock will be issued to the investors. The warrants are immediately exercisable, have a term of 5 years and an exercise price of $1.12 per share.

Luna Innovations Incorporated (NASDAQ: LUNA) corrected 15% to $2.16 on very unusual volume of 562Kn shares after a massive run up of over 130% in the last 5 trading sessions.

Rockwell Medical Technologies, Inc. (NASDAQ: RMTI)  plunged 14.50% to $7.68 on very unusual volume of 355K shares after it announced that it has obtained commitments from institutional investors to purchase an aggregate of 2,840,000 shares of Rockwell's common stock and warrants to purchase up to 1,079,200 shares of common stock in a registered direct offering for gross proceeds of approximately $22.0 million, before deducting placement agents' fees and estimated offering expenses.