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AIG’s stock is currently trading at 25.79- higher by 7.50% as compared to its previous close. In the pre-market trading session, the stock was trading higher by 3.86%. The stock has continued gaining after the opening bell.
The insurance company reported its first-quarter revenue and earnings after the market close on Monday. AIG generated an adjusted EPS of $0.11 for the first quarter. The EPS was below the consensus estimates of $0.72. The insurance company brought in $11.28 billion in revenue for the first quarter. The revenue was also below the market expectation of $11.31 billion.
The insurance company withdrew its previously issued guidance. AIG also said that coronavirus would represent the largest-ever catastrophe loss the industry has ever seen. The insurance company posted an underwriting loss of $87 million in its general insurance business in the quarter ended 31st March, mainly due to losses related to the coronavirus outbreak. Stocks of AIG have fallen about 50% Year-to-date.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 50.97% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT BUY AT 25.70 TAKE PROFIT AT 26.50 STOP LOSS AT 25.30