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AIG Gets Another $150 Billion
By Zacks Investment Research on November 10, 2008 | More Posts By Zacks Investment Research | Author's Website
You know, pretty soon these hundreds of billions of dollars are going to start adding up…
American International Group, Inc., or AIG (NYSE:AIG) has reportedly won a gigantic new “rescue package” worth $150 billion from the federal government, an amount which according to a Bloomberg report this morning “almost doubl[es] the initial bailout of less than two months ago.” Too big to fail, indeed.
The news comes out along with a $24.5 billion 3rd-quarter loss, worth a jaw-dropping $9.05 per share. Even with a year-over-year growth estimate for the September quarter of -211%, the Zacks consensus still expected the company to report -$1.51 per share. With the bailout news today, however, AIG stock is up 50 cents to trade at around $2.60 — already a 23% increase from Friday’s close.
The Zacks target price for AIG as of last week was $2 per share, and the company has been rated Zacks Rank #3 (”hold”).
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