Monday’s Market Movers (ETFC, RIMM, C, HGSI, MSFT)

E-Trade Financial Corp. (NASDAQ: ETFC) had withdrawn their application for additional funding through the government’s Troubled Asset Relief Program as they cut debt and raise money. ETFC generated close to $150 million after selling additional stock.

Even with this favorable news, the stock still fell to $1.39, 5% lower than the previous day’s close. Look for this stock to rebound as investors become more hopeful and the recovering economy fuels interest on the stock again.

Another loser for the day was Research in Motion (NASDAQ: RIMM) as Citigroup (NYSE: C) put a sell rating on the Stock today. The shares of the mobile phone maker were down 5.8% to 55.30.

Another company that made a freefall was CIT group (NYSE: CIT). The 100 year lender fell 63% after the management of CIT group released their pre packaged Bankruptcy Chapter 11 Package to its shareholders. Almost all of the investors in CIT were trying to get out before the stock hit zero.

In contrast to E-trade, CIT group and Research in Motion, which dropped over 5%, Human Genome Sciences Inc (NASDAQ: HGSI) was the real winner of the day as their shares climbed to multi year highs after the release of positive date on their Lupus Study. Human Genome Sciences Inc. was up to $24.27, an increase of 29.8% from the previous day’s close.

Microsoft Corporation (NASDAQ: MSFT) remained relatively unmoved as it gained 0.55% to reach $27.88. This was after CEO Steve Ballmer’s comments that the Microsoft was cautious about Growth versus a Return in Spending.