Is the Party Over for AIG (AIG)?
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After getting crunched 21% yesterday on a downgrade, high-flying zombie stock AIG (NYSE: AIG) is down another 5.5% in pre-open trading. I guess the computers that were screaming 'buy, buy' buy', based on no fundamental data, are now screaming 'sell, sell, sell'.
In its downgrade yesterday, Sanford Bernstein reiterated that the value of the stock is not more than $10 per share. Of course they had the same price target as the stock ran-up to $56 recently.
The party may be over - for now. But that being said this stock trades to strangely for anyone to trust it. So if you were lucky enough to get a borrow on a short recently, and are looking at some tidy profits, don't be a pig.
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