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Fly News Breaks for April 20, 2017
AIG
Apr 20, 2017 | 08:31 EDT
Wells Fargo expects AIG's stock to fall today after the company announced yesterday that it would suffer a pre-tax loss of $100M after the U.K. lowered the discount rate applied to lump-sum bodily injury payouts. The firm lowered its Q1 EPs estimate for the company to $1.20 from $1.35, and it expects AIG's stock to drop today. However, Wells thinks that the hiring of a new CEO will be a positive catalyst for the stock, and it thinks the company is looking to have one in place by its annual general meeting, scheduled for June 28. Wells keeps an Outperform rating on the shares.
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