Today should see twice the average volume of shares traded.
Who is selling? Or, how is getting fooled into selling?
Today, Friday, AIG will close near or above the open price.
Tuesday, AIG will be up--hopefully up big to over $50.
There really is no logic to the madness except short traders trying to get shares at a discount to both the average price target and book value. This nonsense is usually started by one trader or hedge manager who called around to trading desks to get traders go put downward pressure on the issue. He likely got caught short. We already know he planned this and he spread negative rumors about the company and its results. Small investors did not hear or see this communication because it was spread through internal channels to get traders to sell or short at the same time. The guy has been at it for a few weeks now.
Short positions rose as shorts were likely thinking that the Q would be only in line and they found out otherwise. Long/short funds will dump their long positions to lower pps to cover their shorts. I expect to see strength in pps in coming days once the noise subsides. The fact is, aside from some weakness (maybe) in a couple of areas, the company posted exceptionally good numbers and facts are stubborn things that can't be ignored. I'm expecting to see new higher price targets and upgrades in coming days. FWIW