AMR Corporation (OTCMKTS:AAMRQ) Shares Bounce Back 80% From Last Month Low
Shares of AMR Corporation(OTCMKTS:AAMRQ) have shown an impressive rally over the past one month amid high volatility as the stock has bounced back almost 80% from its low of $2.06 on Aug 14, 2013.
The stock has been very volatile over the past few weeks amid negative news flow last month where The Justice Department filed a lawsuit in mid-August to block the deal between AMR Corporation and US Airways Group Inc(NYSE:LCC), which would create the world’s biggest air carrier.
Following the news, there were among heavy panic among investors and the stock corrected 65% in a week from $6.10 to as low as $2.08.
As the fall was vertical, the stock managed to bounce back from lows and we have seen a rally of about 80%. Despite such a sharp fall, the stock is still up about 366% year-to-date.
Just now, news came in that A federal judge on Friday set a tentative November 25 trial date in the U.S. government challenge to an American Airlines (AAMRQA.UL) merger with U.S. Airways (LCC).
The U.S. Justice Department had asked U.S. District Judge Colleen Kollar-Kotelly for a March trial. The airlines had been pushing for November because holding a deal together for months puts a strain on the parties. The judge announced the date for a bench trial in open court.
Shares of AAMRQ are up 9% at $3.69 after surging over 11% in yesterday’s session.
Tags: AAMRQ, AMR Corporation (OTCMKTS:AAMRQ)