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Christel Deskins

American Airlines stock’s falls toward fresh record low Shares of American Airlines Group Inc. , which tumbled 7.9% toward a fresh record low in afternoon trading Friday, after the air carrier said it would cut international capacity by 60% for the “peak” summer travel season. The […]




American Airlines stock’s falls toward fresh record low

Shares of American Airlines Group Inc. , which tumbled 7.9% toward a fresh record low in afternoon trading Friday, after the air carrier said it would cut international capacity by 60% for the “peak” summer travel season. The stock has now erased all of its late March bounce, in which it rocketed 53% in three days off its previous record low of $10.25 on March 23. Since peaking at $15.66 on March 26, the stock has now lost 41% to $9.27 amid a 6-day losing streak. American’s move to cut international summer capacity comes as analyst Myles Walton at UBS said the first look at June for airlines is “surprisingly awful,” as realized bookings for March, April and May worsen. American’s stock was the biggest loser among the Dow Jones Transportation Average’s components on Friday. Among other airline components, shares of United Airlines Holdings Inc. shed 4.3%, Southwest Airlines Co. slid 3.7%, JetBlue Airways Corp. gave up 3.0%, Delta Air Lines Inc. declined 2.1% and Alaska Air Group Inc. fell 0.7%. Meanwhile, the Dow transports was down 2.3% and the Dow Jones Industrial Average dropped 395 points, or 1.9%.

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