American International Group (AIG) NewsBite - AIG Rises On Reports of Asset Sale

Posted: Tuesday, September 23, 2008 10:04 AM EDT

American International Group (NYSE: AIG) opened at $5.38. So far today, the stock has hit a low of $5.22 and a high of $5.70. AIG is now trading at $5.57, up $0.85 (18.01%). Over the last 52 weeks the stock has ranged from a low of $1.25 to a high of $70.13. Shares of AIG are trading higher this morning on news that the company is preparing a list of assets it wants to sell in order to repay an $85 billion emergency loan from the Federal Reserve. The company hopes to repay the loan as quickly as possible to avoid giving the government a majority stake in the company. Technical indicators for the stock are neutral and S&P gives AIG a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on AIG the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 4 range. [ABR-Seven Summits Strategic Investments NewsBite]

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