On November 6, 2009
AIG’s Earnings: The ‘Benmosche Bloom’ Is Off the Rose
A quick look at American International Group’s third quarter earnings this morning would seem to give recent investors in the troubled insurer the feeling that their money had been well spent. The headlines all blared that AIG reported $455 million of net income compared to an abysmal loss of $24.5 billion in the dark third quarter of last year. AIG’s per share results also outpaced analysts’ estimates of $1.98; it earned $2.85 a share, excluding investments and the government’s stake. So why is the stock getting hammered? At last report, it was down nearly 10 percent at about $35.50. There are many good reasons, and you can take your pick. First, the estimates include only four analysts, and they…
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