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 Traders Seek Fortune in AIG, a Stock Once Left for Dead

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Traders Seek Fortune in AIG, a Stock Once Left for Dead Vide
PostSubject: Traders Seek Fortune in AIG, a Stock Once Left for Dead   Traders Seek Fortune in AIG, a Stock Once Left for Dead Icon_minitimeWed Sep 23, 2009 9:40 pm
American International Group Inc., a symbol of the financial crisis, has morphed into a playground for speculators.

At a traders meeting before the market opened on Monday, Scott Redler, chief strategist at hedge fund T3 Capital Management, noted that AIG's stock hadn't moved much for days and was ripe for a breakout. Whether it headed up or down, he said, the traders should be ready.

AIG shares, trading below $40 at the opening bell, climbed within 15 minutes to $41, then above $42. "This thing's going to $45," T3 President Marc Sperling said, watching his six computer monitors. "It's on every trader's radar screen across the country."

AIG shares rose 21% for the day, and T3's traders did "great," said Mr. Redler. Since Aug. 5, the shares -- deemed highly risky by most analysts -- have more than tripled. "The stock paid the traders' bills all summer," Mr. Redler said.

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http://online.wsj.com/article/SB125366502247832417.html?mod=googlenews_wsj#
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