Analyst says short squeeze likely driving AIG gain
NEW YORK (MarketWatch) -- Investors who were short shares of American
International Group before a recent 20-for-1 reverse stock split are scrambling
Wednesday to buy scarce shares to cover, driving the stock up more than 50%,
according to Miller Tabak analyst Peter Bookvar. Bookvar said he's seeing a
similar situation with shares of Georgia Gulf Corp , which also recently did a
large reverse split. "GGC is another stock that had this big reverse stock split,
and its stock went from $7 to $36 in five trading days. It's another example of
where the float has dramatically shrunk, and now there's a massive short squeeze
going on," Bookvar said. "There is certainly no news to account for it (AIG's
stock move), he added.
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