FILE – In this June 6, 2011 file photo, an American Airlines aircraft at a Terminal D gate at Dallas-Fort Worth International Airport, in Grapevine, Texas. American Airlines is the only major airline that has not filed for bankruptcy protection in the last decade, leaving it saddled with higher costs for everything from labor to financing. American is the only major airline that has lost money this year. (AP Photo/Tony Gutierrez, File)
NEW YORK (AP) — American Airlines’ stock plunged to an eight-year low on fears of a weaker economy — which hurt other airline shares — and speculation that the carrier would seek bankruptcy protection.
A combination of factors drove down shares Monday. Wall Street analysts suggested that American turn to the bankruptcy court to lower costs. Investors were also spooked by a report that showed a slowdown in air travel and cargo. Shareholders, in addition, weighed an announcement that more than ten times the normal number of pilots is retiring from American. That’s a signal to some that pilots are fearful about the carrier’s health.
Shares of AMR Corp., American’s parent, tumbled 33 Login to read more