9:15am (EST)

It what comes as no surprise, CIT Group (CIT, $0.72, down $0.23) made it official by filing for Chapter 11 bankruptcy protection on Sunday. 

The news may not be a shock but really it should be.  CIT Group joins an ever growing list of once proud companies that have now gone belly-up.  Wall Street will overlook the fact that it is one of the biggest Chapter 11 filings in U.S. corporate history…right up there with Enron, General Motors, Lehman Brothers, Washington Mutual and WorldCom. 

The Financial stocks have been very weak of late and have helped pull this market lower.  CIT’s bankruptcy filing showed $71 billion in assets versus total debt of $65 billion.  Over 155 million shares changed hands on Friday and we hear Vegas has the over/ under for today’s action at 1 billion shares…

Bank of America (BAC, $14.58, down $1.15) tanked 7% Friday on fears of a S&P downgrade and is back below $15.  The company’s biggest problem seems to be finding a replacement for its CEO, Ken Lewis, who will retire at the end of this year.  We would love to see this one fall to $10…

We knew when the Financial stocks rallied off their March lows we would get to a point to where there would pull back.  Just like they fell too far to the downside back then, maybe they may have rallied too far and now we are seeing that pullback.  After two solid earnings quarters, they seem to be on shaky ground.

There will be a lot of action this week and below we list quite a few of the companies that will be reporting earnings this week.  We also have a pretty sweet show-and-tell session in our Members Area this morning with the Current Trades.  We have included some charts to try and show you exactly why we are in these trades and what we are looking for.  The option trade we profiled for Apollo Group (APOL, $57.10, down $1.05) is nearing a triple-digit return and hopefully we get there in the next few days.     

We have about 30 minutes before the bell and stock futures are pointing towards a slightly higher open. The Dow futures are currently ahead by about 40 points; the S&P’s are up by 5 points, while the Nasdaq futures are up 4.

BREAKING NEWS…Dendreon (DNDN, $25.27) is up to $27 in pre-market trading after news broke that the company has re-submitted its approval application to the FDA for Provenge.

Earnings for the week (quotes are from Friday):

Monday:  Administaff (ASF, $24.82, down $0.23), American Physicians Service Group (AMPH, $24.07, down $0.03), Avis Budget Group (CAR, $8.40, down $0.52), Carmike Cinemas (CKEC, $9.83, down $0.18), Clorox (CLX, $59.23, up $0.40), Consolidated Edison (ED, $40.68, down $0.64), Cooper Tire & Rubber (CTB, $15.26, down $0.19), Dean Foods (DF, $18.23, up $0.11), Ford Motor (F, $7.00, down $0.30), Humana (HUM, $37.58, down $1.15), Loews (L, $33.10, down $1.27), Parkway Properties (PKY, $17.65, down $0.64), Texas Roadhouse (TXRH, $9.47, down $0.37) and Vulcan Materials (VMC, $46.03, down $1.77).

Tuesday:  American Tower (AMT, $36.82, down $1.42), Anworth Mortgage (ANH, $7.13, down $0.19), Archer Daniels Midland (ADM, $30.12, down $0.80), Blackboard (BBBB, $35.47, down $0.49), Chesapeake Energy (CHK, $24.50, down $1.54), Con-Way (CNW, $32.99, down $0.17), Diebold (DBD, $30.24, down $0.49), Digital River (DRIV, $22.83, down $0.20), FirstService (FSRV, $17.77, down $0.24), Getty Realty (GTY, $24.51, down $0.10), Grand Canyon Education (LOPE, $16.22, down $0.43), Hartford Financial Services (HIG, $24.52, down $1.15), IntercontinentalExchange (ICE, $100.19, down $5.24), James River Coal (JRCC, $18.99, down $1.47), Marvel Entertainment (MVL, $49.97, down $0.49), Onyx Pharmaceuticals (ONXX, $26.60, up $0.71), Papa Johns International (PZZA, $22.50, down $0.74), Pitney Bowes (PBI, $24.50, down $0.46), Polo Ralph Lauren (RL, $74.42, down $1.52), Royal Caribbean Cruises (RCL, $20.23, down $1.12), Steven Madden (SHOO, $40.50, up $0.59), Teva Pharmaceutical (TEVA, $50.48, down $0.32), UBS (UBS, $16.59, down $0.85) and UBS (VIA, $29.18, down $0.70).

Wednesday:  99 CENTS Only (NDN, $11.37, down $0.63), Baker Hughes (BHI, $42.07, down $2.18), Bridgepoint Education (BPI, $14.18, down $0.27), Career Education (CECO, $20.84, down $0.55), Cisco Systems (CSCO, $22.81, down $0.71), Comcast Corporation (CMCSA, $14.50, down $0.51), Comcast Corporation (CNO, $5.21, down $0.30), Devon Energy (DVN, $64.71, down $3.18), El Paso (EP, $9.81, down $0.51), Evergreen Solar (ESLR, $1.45, down $0.06), Foster Wheeler (FWLT, $27.99, down $1.68), Goldcorp (GG, $36.77, down $0.90), Healthsouth (HLS, $14.61, down $0.40), j2 Global Communications (JCOM, $20.45, down $0.15), Kendle (KNDL, $16.88, down $0.39), Prudential Financial (PRU, $45.23, down $3.02), Pulte Homes (PHM, $9.01, down $0.32), Qualcomm (QCOM, $41.33, down $0.94), Time Warner (TWX, $30.12, down $0.55), Transocean (RIG, $83.91, down $2.93)

Thursday:  Activision Blizzard (ATVI, $10.83, down $0.26), Biovail (BVF, $13.46, up $0.12), Blue Nile (NILE, $60.05, down $2.01), Boston Beer (SAM, $38.00, down $0.95), Blue Nile (CFL, $30.98, down $0.18), Coinstar (CSTR, $31.74, down $0.93), Deutsche Telekom (DT, $13.54, down $0.65), Dr Pepper Snapple Group (DPS, $27.26, down $0.43), i2 Technologies (ITWO, $15.74, down $0.71), Imax (IMAX, $10.30, down $0.48), Kimco Realty (KIM, $12.64, down $0.34), Kimco Realty (KG, $10.13, down $0.19), Lifetime Brands (LCUT, $6.07, up $0.05), Mid-America Apartment Communities (MAA, $43.82, down $0.33), National CineMedia (NCMI, $9.00, down $0.06), Omnicare (OCR, $21.67, down $0.43), Public Storage (PSA, $73.60, down $1.07), ResCare (RSCR, $12.03, down $0.55), Rosetta Stone (RST, $20.75, down $0.16), Sara Lee (SLE, $11.29, down $0.27), Starbucks (SBUX, $18.98, down $0.54), Sunoco (SUN, $30.80, down $1.15), Time Warner Cable (TWC, $39.44, down $1.45), Toyota Motor (TM, $78.89, down $1.19) and VeriSign (VRSN, $22.81, down $0.47).

Friday:  Blackstone Group (BX, $13.42, down $0.45), Edison International (EIX, $31.82, down $0.30), Greatbatch (GB, $19.67, down $0.34), LifePoint Hospitals (LPNT, $28.33, down $0.81), Mirant (MIR, $13.98, down $0.64), Perot Systems (PER, $29.94, down $0.02) and Smith & Nephew (SNN, $44.23, down $0.80).