NYSE Euronext is reviewing the listing status of AMR Corp. stock, which plunged today after the company filed for bankruptcy.
AMR declined 86 percent to 23 cents a share as of 10:21 a.m. in New York after being halted for more than three hours after the company announced the filing. Swings in the stock triggered four more five-minute pauses under exchange circuit breakers designed to limit excessive volatility.
While the stock is trading today, the NYSE said it may move to suspend AMR should it receive evidence that the price will be “abnormally low,” according to a statement. It may also stop trading if NYSE Regulation gets “authoritative advice that the securities are without value,” or fall below the exchange’s listing requirements, the statement said.
American Airlines parent AMR Corp. filed for bankruptcy today after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S. The shares fell 79 percent in 2011 and are down 96 percent from their 2007 high of $40.66, data compiled by Bloomberg show.
© Copyright 2014 Bloomberg News. All rights reserved.