AIG posted just a horrific quarter. It is hard to imagine a worse quarter. If your a bull the hope of course is that this was a kitchen sink quarter for the new CEO. Of course John Thain was supposed to have a couple of those for Merrill.
AIG said that, excluding one-time items, it lost 51 cents a share on sales of $19.9 billion in the second quarter.
Last year the insurance giant earned $1.77 a share on a topline of $31.15 billion.
A consensus estimate of analysts who follow the company expected earnings of 63 cents a share and revenue of $31.49 billion.
A couple of pretty funny comments I read in comment sections at other blogs.
Alright already, we get it. Lot's of "great" news after the close today, expect a huge rally tomorrow. We get it, thanks. No mas (I live in California, practicing my spanish just in case we have to sell it back).
Daughter: "Daddy, don't you think about your retirement?"
Father: "Sweety, I have AIG. I don't have to think about my retirement!"