Shares of American International Group (AIG) are trading lower on the session by 0.93%, at $32.99. The stock has been under pressure for the past week, dropping more than 8% during that time.
Shares appear to have made a short-term bottom on the 50-day moving average and are bouncing back today. Short-term options traders are also jumping on board.
A short while ago, the September $32.50 weekly call was purchased 8,663 times, on the offer, for $0.67. Volume on the strike has since escalated, now totaling over 20,000. With open interest of only 379 contracts, this is clearly new positioning.
The trade is an immediate winner with the strike now bid $0.75, at $0.77.
Overall call volume is running at more than 4x normal volume today with over 50,000 contracts traded. Stock volume is also notable with 138 million shares traded; the 10-day daily average is just 21 million.
American International Group, Inc. is an international insurance company, serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through property-casualty networks of any insurer.?