AIG reverse-stock split.

AIG's Stockholders Meeting on Tuesday, June 30,approved among other things, a reverse stock split of 1:20, meaning that if you had 1,000 shares you'll wind up with fifty. If you had ten thousand shares you'll have 500. They will initially multiply the share value by a like amount, so you won't lose any equity, but your chances of growing your investment have become pretty slim.
The insurance company's rationale is that, because their stock is valued so low -- it just sold for $1.16 -- it has lost institutional investors, many of which will not buy a stock that is priced under five dollars. But worst, they ominously warn, if the stock falls below a dollar as it did up until a couple of months ago, the New York Stock Exchange may delist them. The fact that the stock rose to over two dollars and has never declined below the mid one dollar range in over two months would appear to make this concern overstated.
The last closing price before ex-split was USD1.16 per 1000 shares.This will be translated into 500 shares X 20 = USD1.16 X 20 =USD23.20 per 1000 shares.(Cost price)
When it was open for trading this morning,the day's range was between $17.54 - $22.96 and closes at $18.08 which was up $16.92 a hefty 1,458.62 % gain.
Very misleading.This is a loss of 0.26 cents.($18.08 Divide by 20 = $0.90 cents)

Tracking the Dow on Wednesday,01/07/09.(Pivot Week)
9:30am:--Bullish 50.0 points gap-up.

Oil prices climb 2.3% to $71.50 per barrel ahead of the latest weekly inventory announcement (10:30 AM ET).
10:30am:--Early high with a hangman.

The ISM Manufacturing Index for June came in at 44.8, which is slightly below the 44.9 that was expected. The reading for May came in at 42.8.

11:30am:--Pullback towards the bull pivot with bearish dojis.

Consumer staples stocks are showing the best gains of any major sector.

12:30noon:--Bearish engulfing at bull pivot.

China to debate proposals for a new global reserve currency at next week's Group of Eight summit in Italy.

1:30pm:--The bull pivot hammer.

The latest ADP Employment Change report showed that private payrolls were slashed by 473,000 during June. The consensus called for 395,000 job losses, so the report served as a reminder that job conditions remain weak and participants could be in store for a disappointment with the government's nonfarm jobs report on Thursday.

2:30pm:--Bearish hammer at MAV support line.

A drooping U.S. dollar bolstered precious metals prices in pit trading Wednesday, but energy-related commodities faltered.

3:30pm:--A graveyard doji.

4:00pm:--A hammer warning at the bearish low.

A bullish inverted hammer opening start for July.
Holding below the MAV line which is also at previous month opening level.

Participation was lacking again this session as less than 1 billion shares traded hands on the NYSE. That's the least amount of trading volume in nearly three weeks. Volume is also expected to be light tomorrow since it is the week's final trading session ahead of the long weekend.
U.S. markets will be closed on Friday in observance of Independence Day.