Are AIG Shares Getting Squeezed Today? Stock Now Up 18% (AIG)
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Shares of AIG (NYSE: AIG) have now rallied more 18% today despite no company-specific news. After opening this morning's session flat from yesterday's close, the stock spiked higher three separate times on very heavy volume. AIG shares most recently traded at $27.32.
With AIG's stock price just coming off 6-month lows (it dipped as low as $21.67 on Feb. 5), today's rally could have been sparked by short covering as short sellers take profits: at the beginning of February, nearly 23% of AIG's float was being shorted. Traders often refer to such a phenomenon as a "short squeeze".
Anyone who began shorting AIG shares in September of last year would have caught the rather sharp fall from over $50 to under $22.
Notably, volume in the stock has already doubled AIG's average daily volume of about 8 million shares.
With AIG's stock price just coming off 6-month lows (it dipped as low as $21.67 on Feb. 5), today's rally could have been sparked by short covering as short sellers take profits: at the beginning of February, nearly 23% of AIG's float was being shorted. Traders often refer to such a phenomenon as a "short squeeze".
Anyone who began shorting AIG shares in September of last year would have caught the rather sharp fall from over $50 to under $22.
Notably, volume in the stock has already doubled AIG's average daily volume of about 8 million shares.
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