The next AIG? Down almost 50% with no real panic selling. Just dumping after dumping, with no rally lasting more than a few ticks.
No comments on this one? Why do I have a feeling the Federal Reserve and the Treasury Department have another long weekend ahead of them. This time with HIG execs. I wonder... short near the close Friday and cover in the pennies on Monday?
Fitch cuts Hartford Financial Services IDR ratings Friday October 31, 6:40 pm ET Fitch lowers Hartford Financial issuer default ratings, citing exposure to volatile markets CHICAGO (AP) -- Fitch Ratings on Friday lowered the issuer default rating of Hartford Financial Services Group Inc. to "A" from "A+," citing its exposure to the volatile credit and investment markets. Fitch considers "A" a midlevel investment grade rating. The ratings agency cut its rating on Hartford's senior debt to "A-" from "A." It affirmed its commercial paper rating at "F1." Fitch said shaky broader market conditions are "negatively impacting its asset portfolio, as well as earnings and capital needs in its variable annuity business." "The combination of these issues has negatively impacted the organization's capital position," Fitch said. The ratings outlook is "Negative," which means the ratings might be downgraded further.
I actually like this stock and most probably will buy some...the dividend is nice BUT I expect it to be cut near to where it was in in early 2000's...if it is cut, you are still buying a great company which will yield you near 4-5%....