NEW YORK — Shares of American Airlines’ parent company plunged to an eight-year low Monday as Wall Street analysts suggested the carrier turn to bankruptcy court to lower costs.
Investors also were spooked by a report showing a slowdown in air travel and cargo. Shareholders, in addition, weighed an announcement that more than 10 times the normal number of pilots are retiring from American. That’s a signal to some that pilots are fearful about the airline’s health.
American has three gates on Concourse A at Denver International Airport, where it has about 2.5 percent of market share.
Shares of AMR tumbled 33 percent, closing at $1.98. They have not closed below $2 since March 2003. Trading of the Fort Worth, Texas-company was halted seven times Monday because of extreme volatility. Stocks for the entire U.S. airline industry fell 9.8 percent.
AMR’s stock price has fallen 75 percent since the start of this year, while industry shares have dropped 41 percent.
