American International Group (AIG) NewsBite - Economic Worries Pull Down AIG

Posted: Tuesday, October 27, 2009 10:02 AM EDT

American International Group (NYSE: AIG) opened at $35.67. So far today, the stock has hit a low of $34.52 and a high of $36.24. AIG is now trading at $35.58, down $0.67 (-1.85%). Over the last 52 weeks the stock has ranged from a low of $6.60 to a high of $56.80. AIG shares are taking a hit this morning with the rest of the market on news that the Conference Board's Consumer Confidence Index fell unexpectedly to 47.7 in October. Analysts were expecting a reading of 53.1. The news could be a bad omen for the economy, which is heavily dependent on consumer spending. This could be a bad sign for AIG. 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 a December out-of-the-money bear-call credit spread above the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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