AIG: How High, How Soon?
AIG: How High, How Soon?"
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American International Group has been on an amazing run up over the last few trading sessions, up more than 6.7% today and almost 18% since last Thursday. But options traders think shares of
the insurance giant will be headed higher very, VERY soon.
Volume today on the December 55-strike calls was over four times the open interest and traders say the sentiment was extremely bullish.
"Given the volatility in the stock price, options traders are taking a cheap shot on the momentum that it's going higher," says Brian Stutland of Stutland Equities. "It's a binary thing for
the next few day. With expiration on Friday, these options will either be in the money or they'll expire worthless."
AIG shares rose today after AIG Chairman Steve Miller made comments that Treasury was close to converting it's preferred shares of AIG into common stock. Miller said that Treasury would
begin divesting itself of their 92% ownership and AIG hoped to be done with the entire process within a year or two.
Earlier today, CNBC's Kate Kelly reported that AIGhas a $10-15B stock offering in the works for March or April of 2011. Citi and Bank of America have been advising AIG and may have the early
lead as underwriters for any future AIG offerings, according to Kelly.
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