AMR shares soar second straight day
AMR Corp.'s shares had another high-flying day on Wednesday, as more than 230 million shares traded hands and the stock rose nearly 60 percent.
It was the second straight day of heavy trading and big price gains for the parent of American Airlines, which filed a Chapter 11 bankruptcy petition Nov. 29. It rose 67 percent Tuesday and added another 59 percent to that on Wednesday, closing at $1.12 a share.
Since plummeting to just 26 cents the day it filed its petition, AMR's stock (ticker: AMR) is now up 338 percent. The past two days trading at times has been so frenzied it was halted several times by so-called circuit breakers, which automatically kick in when a large company's share price goes up or down 10 percent or more in five minutes.
Investment analysts say short-term, high-risk trading is the reason, even though conventional wisdom says the shares are almost certain to become worthless eventually.
-- Jim Fuquay