(By Salman - iStockAnalyst Writer)US stocks were little changed on Wednesday due to conflicting data about the economy.

The following stocks were on the move on Wednesday.

CIT Group (NYSE: CIT): Shares of the commercial lender tumbled over 35% on Wednesday after The Wall Street Journal reported that embattled company may seek a restructuring that would likely wipe out the value of common shares. According to reports, CIT Group is likely preparing a debt exchange offer that would eliminate as much as 40 percent of its more than $30 billion in outstanding debt, would hand control of the company over to its bondholders and wipe out common stockholders. On Tuesday the stock had jumped over 30% on reports that the struggling firm could merge with IndyMac Federal Bank. The financial firm, which received $2.3 billion in federal bailout aid last fall, received a $3 billion emergency loan in July from some of its largest bondholders and completed a debt repurchase program in August to help ease its cash crunch.

Darden Restaurants Inc. (NYSE: DRI): The company reported Wednesday that net income rose to $94.3 million, or 67 cents per share, from $82.1 million, or 58 cents per share, in the same quarter a year ago.  On an adjusted basis, Orlando, Florida based-company earned 67 cents per share in the latest quarter. Total sales from continuing operations decreased 2.3% to $1.73 billion from $1.77 billion. Analysts, on average, expected earnings of 66 cent per share on revenue of $1.78 billion. Sales at Olive Garden, Red Lobster and LongHorn Steakhouse restaurants open at least a year fell 5.3 percent compared to average analyst estimate of 2.6%. Darden lowered the bottom end of the projected range for it 2010 profit results. It now expects to report earnings in a range of $2.59 to $2.85 per share in the current fiscal year, compared with $2.65 per share in 2009. "Given industry sales trends, however, at this time the lower half of the diluted net earnings per share range we've provided is more likely than the upper half of the range," the company said in a statement. Analysts currently expect the company to report $2.81 per share in 2010.Shares were down over 6% on Wednesday.

Ameriprise Financial Inc. (NYSE: AMP): The company on Wednesday announced that it has reached an agreement to buy the long-term asset-management business of Columbia Management from Bank of America Corp. (NYSE: BAC) for about $1 billion. The transaction is expected to close in the spring 2010.