Top CDS Movers: November 3
AIG speculative mania has gripped the markets. not only was AIG stock up more than 15% on nothing really, but AIG CDS was also the biggest mover wider today, hitting 780 bps, 15 bps wider close to close. Additionally, GE, which we discussed earlier as having some pretty notable balance sheet issues, was wider by the same amount, as was yesterday's top mover Sempra. In the opposite category were Anadarko and ERP, as well as Buffett's latest stamp of approval, mentioned roughly 800 times on CNBC today, Burlington Northern, which tightened by 4 bps to 55.