Seeking Alpha

AIG retakes much of yesterday's lost ground

  • Efficient markets are hard at work as a big bounce for AIG (AIG +2.8%) has the stock erasing nearly all of its knee-jerk post-earnings loss from yesterday.
  • Summing up a good bit of sell-side sentiment, Deutsche's Josh Shanker says the "beat" was thanks to better-than-expected numbers from capital market sensitive items. He sees "normalized" core EPS at closer to $0.79, well shy of his team's estimate of $0.84. "The slow progress on earnings growth is key to our Hold recommendation."
  • Those with more skin in the game at Seeking Alpha acknowledge a bit of disappointment with operating results, but also note a sizable gain in book value - up 4.6% Q/Q to $71.77 per share - and the continued wide discount to book the stock trades at.
  • "As long as book value is growing and AIG undertakes efforts that will result in better underwriting discipline, AIG still makes a very interesting value proposition," writes Achilles Research.
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