FORT WORTH -- Shares of AMR Corp. skyrocketed almost 43 percent Wednesday, a day after an attorney indicated that stock in the bankrupt carrier could still have value.
Traders bid up shares of the parent company of American Airlines as AMR's board of directors met at an undisclosed location to discuss a possible merger with US Airways. More than 54 million shares exchanged hands; in the past three months, the average daily trading volume was about 3 million shares.No decision on a merger came out of the meeting, and the carrier said it generally does not comment on board deliberations."We have no decision related to our review of strategic alternatives to announce this week, and we are not going to speculate further on when a decision might occur," said American spokesman Mike Trevino. "American remains committed to seeking the best value for our stakeholders, and the best outcome for our people and customers."Analysts had predicted that the stock, which began trading on the over-the-counter market after American filed for bankruptcy in November of 2011, would become essentially worthless. However, in a letter to the Securities and Exchange Commission, AMR attorney Harvey Miller said "there may be value for AMR equity holders" as the company's value has "significantly appreciated" while it has restructured under bankruptcy protection.AMR (ticker: AAMRQ) gained 39 cents a share to close at $1.29, its highest point since seeking bankruptcy protection.Also Wednesday, AMR said its consolidated passenger traffic increased 2 percent in December as the Fort Worth-based carrier grew its capacity by 2.1 percent.Its load factor rose 0.1 percentage points to 80.2 percent compared to December 2011. The company reports traffic results for American Airlines and American Eagle together.AMR also estimated that its unit revenues increased 1.6 percent over the same period last year.Domestic traffic and capacity were up 2.4 percent and 1.6 percent respectively. Its domestic load factor increased 0.6 percentage points to 81.6 percent. International traffic also rose 2.1 percent with 3.7 percent more capacity. International load factor dropped 1.2 percentage points to 79.3 percent.Andrea Ahles, 817-390-7631Twitter: @Sky_TalkHave more to add? News tip? Tell us
