CIT Group Inc.’s shares nearly doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing.

Standard & Poor’s is replacing the struggling CIT Group Inc. with software maker Red Hat Inc. in the S&P 500 index. The switch will occur July 24 after the market closes. S&P says CIT’s value had fallen too low Friday for the bank to remain a member of the S&P 500.

Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise.

Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market: NYSE:

American International Group Inc filed a shelf registration statement with U.S. regulators on Friday, giving it the capability to issue common or preferred stock in the future.

U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co .

Network equipment maker QLogic Corp.’s chief executive received a compensation package valued at $4.7 million for the 2009 fiscal year, a 9 percent increase from the prior year, according to an Associated Press calculation of figures disclosed in a regulatory filing made Thursday.

Shares of oilfield services companies rose along with the price of oil on Friday, just days before companies in the sector begin to post their second-quarter earnings results.

Shares of Yahoo Inc. rose Friday after rival search giant Google Inc., which already reported second-quarter earnings, said larger advertisers have returned after being absent earlier in the year.

Shares of medical device maker AngioDynamics Inc. fell Friday after the company forecast a smaller-than-exepcted profit in fiscal 2010.