After rallying almost 20% on Thursday following an announcement that it raised US$2.9 billion to boost its balance sheet, AMR Corporation failed to continue on that ascent yesterday. AMR Corporation’s American Airlines said yesterday that it expected lower mainline traffic as well as revenue in its third quarter.
As a result of this, it will move to reduce its mainline capacity 9.7% this month from August. The airline also anticipates September mainline passenger traffic to fall 16.4%, and foresees slightly higher costs than August levels.
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