American Airlines shares soar as 1Q losses better than expected – SHARE WRAP
American Airlines’ rose close to 19% yesterday on the Wall Street Casino, as its adjusted first-quarter results beat market expectations. CEO, Gerard Arpey, stated, “while lower fuel prices have provided a significant buffer against falling demand in 2009, the struggling economy and capital markets remain significant challenges for American and the rest of the industry”.
American’s result provided a lift for other airlines, with JetBlue vaulting 12.2% higher, while other big risers were Continental (+11.1%), US Airways (+9.8%) and United Airlines (+8.4%).
Meanwhile, Brazilian stocks gained for a fourth day, with GOL and TAM adding 1.7% and 3.4%, respectively.
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North & South America selected airlines daily share price movements (% change): 15-Apr-09