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American International Group, Inc. (NYSE: AIG) was up back at the end of August and first of September highs this morning. It was even back above $50.00. But that is all in the past at the end of the day. Rumors are out there that a large secondary offering or a large securities offering may be hitting the tape sooner or later. At 3:45 PM EST we have shares down 5% at $46.03 on over 114 million shares. The intraday high was $54.40 and the opening price was $52.47. Outside of this, there is unfortunately not much more that can be added. -JON OGG
Smith International Inc. (NYSE: SII) has been under-performing and still cannot close above its 200 day EMA, but there is bullish action in the name today with shares at $29.37 as more than 4,000 November $32 calls are bought offer side in a large block trade. Smith is looking to breakout at $30, and shares are beginning to look cheap to peers at 12.4X free cash flow and 11.4X trailing earnings.
UPDATE at 2:20 PM EST: since then around 11,000 more calls have traded at that strike. Shares are now up over 5% at $29.60 on volume of 3.6 million shares versus an average daily volume of 5.1 million shares. Smith (SII) is an oil services company and there has been consolidation in the sector when BJ Services (BJS) entered into a deal with Baker Hughes (BHI).
-Joe Kunkle, OptionsHawk.com
American International Group, Inc. (NYSE: AIG) is surging again like it is another financial junk company trading party. At 8:00 AM EST we have seen a gain of 11% at $53.75 on close to 4 million shares of stock after closing at $48.40 yesterday. Be advised that AIG’s highest post-shenanigan close is $50.23 and shares hit $55.90 on that day at one point. It only other $50+ day was August 27 when it hit $50.04. Yesterday’s gain was 21% on over 114 million shares.
JON C. OGG
Delta Petroleum Corp. (NASDAQ: DPTR) is trading a bit firm this morning considering yesterday’s atrocious news on a poor well drilling performance. Shares lost about 45% of their value yesterday on over an unbelievable 84 million shares of stock. As of 8:50 AM EST we have shares up 1.3% at $2.24 on over 500,000 shares. This is not much considering the magnitude of yesterday’s drop, but usually these huge downward moves are not met by immediate recovery. Average volume is now 7 million shares but that was about 4 million shares last week before it became a news trading stock again. Anything is possible and any newsw could change, but if the news and information stays static we’d look for this one to trade all over the place for a few days. -JON OGG