American International Group (AIG) NewsBite - AIG Rises on Economic Optimism

Posted: Thursday, November 05, 2009 9:58 AM EDT

American International Group (NYSE: AIG) opened at $37.17. So far today, the stock has hit a low of $36.88 and a high of $37.98. AIG is now trading at $37.91, up $1.67 (4.6%). Over the last 52 weeks the stock has ranged from a low of $6.60 to a high of $56.80. AIG is getting momentum from a pair of economic reports from the Labor Department. Initial jobless claims fell to a seasonally-adjusted 512,000 last week, below analysts' forecasts of 523,000. Meanwhile, worker productivity rose 9.5 percent during the third quarter, well above economists' forecasts of a 6.4 percent gain. This could be a good 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 November out-of-the-money bull-put credit spread below the 28 range. [ABR-Seven Summits Strategic Investments NewsBite]

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