Bailed-out insurance firm American International Group (AIG: sentiment, chart, options) is in the news this morning, with the company making some progress as it attempts to divest its non-core businesses. First up, sources say that a Japanese unit of Prudential Financial (PRU) is set to bid on AIG's 3 Japanese life-insurance businesses: Alico Japan, AIG Edison Life Insurance, and AIG Star Life Insurance. Representatives for AIG and Prudential declined to comment on the potential deal, which the Nikkei business daily says could be worth several hundred billion yen.

In related news, Tenaska Inc. is officially set to repurchase a 50% stake in Tenaska Marketing Ventures, Tenaska Gas Storage, and Tenaska Marketing Canada from affiliates of AIG. Financial terms of the sale were not disclosed.

This morning, AIG shares are more than 5% higher on the news. The beaten-down stock is now knocking on the 2 level, but resistance looms directly overhead in the form of its descending 40-day moving average. This trendline rebuffed an early November rally attempt by AIG, and could once again thwart the stock's upward momentum.