AIG (AIG) CEO Peter Hancock wants to reassure investors that despite lower-than-expected quarterly earnings the bailed-out insurer is better capitalized with lower risk than it has ever been in its history. Shares of AIG rebounded Thursday after plummeting 9% the previous day when the firm reported a larger-than-expected net loss of $2.96 a share as of December, far wider than the 61-cent loss estimated by analysts. The loss was mostly due to a $5.6 billion increase in reserves for future insurance claims, the company said. However, despite the loss AIG says it's still on track with its strategic plan to return billions of capital to investors, reduce expenses, and divest assets.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.