AMR Falls to Lowest Since 2009 |
| Bloomberg - Oct 3, 2011 |
American Airlines parent AMR Corp. (AMR) tumbled the most since April 2009 on growing concern the U.S. is nearing a return to recession and that the carrier may be forced to seek bankruptcy protection.
Today’s slide pointed toward a fifth straight drop for Fort Worth, Texas-based AMR, the longest streak in more than two months, and marked its biggest intraday plunge since April 27, 2009. The shares fell 53 cents, or 18 percent, to $2.42 at 11:47 a.m. in New York Stock Exchange composite trading.
AMR has led declines this year among the largest U.S. airlines. It is headed toward a fourth consecutive annual loss, spurring bankruptcy speculation, as a slowing economy fuels investors’ belief that air travel will slump, said Ray Neidl, a Maxim Group LLC analyst in New York.
“The odds are better than 50-50 that we’re going into a recession,” Neidl said today in an interview. “If that’s the case, you’re going to start seeing some softness in demand come October, in the fourth quarter and next year.”
Read Full Article from Bloomberg
- Posted: 2011-10-03 12:15:31
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