Du er her: Forside > Utenlandske aksjer - Valuta - Råvarer > American Airlines, priset som en opsjon
American Airlines, priset som en opsjon
23.01.2003 18:41

AMR - Eierselskapet i flyselskapet American Airlines, verdens største flyselskap, prises nå som en opsjon.

De tapte USD 2 mrd før spes. poster i 2002, 3,5 mrd med. Det tilsvarer USD 22,6/aksje i AMR.

Aksjekursen idag er ca. USD 3,70 / aksje.

Selskapverdien blir da ca. USD 570 mill, tilsvarende ca. 3,9 mrd NOK (litt mer enn Kværner), eller som Opticom i fjor vinter.

Ser man på flybransjen som en bransje med langsiktig inntjening, kan dette selskapet være stedet. Det skal imidlertid slite hardt for å unngå Ch. 11 - og gjeldsrestrukturering, og da kan aksjene fort bli nullet. Det ble resultatet for den argeste konkurrenten, United Airlines før jul (NYSE:UAL). Det mest lønnsomme flyselskapet i USA, SouthWest (NYSE:LUV) er mye mindre, men prises til ca. 10 mrd USD (dvs. 20 ganger mer enn AMR).

Rent teknisk viser aksjen et interessant mønster, det kan danne seg en nydelig dobbelt bunn på ca. USD 3.

RPT-UPDATE - AMR posts record yearly loss, shares slide
Wednesday January 22, 6:57 pm ET
By Jon Herskovitz

DALLAS, Jan 22 (Reuters) - AMR Corp. (NYSE:AMR - News), the corporate parent of American Airlines, posted the biggest yearly loss in aviation history on Wednesday, sending its shares tumbling 23 percent.

The world's largest airline, battling a perception that it will have to follow some major rivals into bankruptcy, reported a loss of $3.5 billion in 2002, and warned that it must cut costs drastically if it wants to keep flying.

Analysts and AMR executives said that even though the quarterly numbers actually showed improvement, the underlying trend shows AMR is operating at a level that is not sustainable -- losing about $5 million a day.

"The company must stem that burn shortly; leveraging further to fund operating losses of this magnitude is not a long-term strategy," Lehman Brothers airline analyst Gary Chase said in research notes.

AMR shares closed down $1.13, or 23.1 percent, to $3.77 in Wednesday trading on the New York Stock Exchange. Their all-time intraday low of $3.01 was set last October.

Fort Worth, Texas-based AMR reported a fourth-quarter loss of $529 million, or $3.39 a share, compared with a loss of $5.17 a share a year earlier. Analysts, on average, had expected a loss of $3.73 per share, according to Thomson First Call.

"American's fourth-quarter results were a touch better than our expectations; however, losses continue to accumulate at unsustainable levels," said Lehman's Chase.

"Clearly, results such as the ones we reported today are unsustainable," said Don Carty, AMR's chief executive officer.

In a conference call, AMR Chief Financial Officer Jeff Campbell said he resisted the idea that a bankruptcy at American Airlines was inevitable.

"I very strongly resist the chain of thought that says it is inevitable now that US Air and United have gone into bankruptcy, that American must," Campbell said.

Several major U.S. airlines, including AMR, have hired bankruptcy lawyers in the face of an unprecedented industry downturn, sources familiar with the matter said on Tuesday.

The hiring of various firms does not necessarily mean the airlines are preparing imminent bankruptcy filings, the sources said, but signals that they are keeping their options open.

AMR has retained lawyers Marcia Goldstein and Martin Bienenstock of its long-time legal adviser Weil Gotshal & Manges, the sources said. The law firm partners were not immediately available to comment.

But Jamie Baker, an airline analyst at J.P. Morgan, said the talk of AMR hiring bankruptcy counsel together with "a very grim earnings report" and the announcement last week of U.S government approval of a code-share agreement with three American rivals added up to "a triple whammy for these guys."


AMR is seeking to cut costs, with a goal of about $4 billion in permanent reductions. It says it has identified more than $2 billion in cuts so far. The airline has slashed its capacity and cut its work force since the Sept. 11, 2001 attacks walloped the travel industry.

Carty said a sluggish economy, high fuel costs and such uncertainties as the possibility of war in Iraq could hurt its bottom line.

Adding insult to injury, American's crosstown rival Southwest Airlines (NYSE:LUV - News) reported its 30th straight year of profit as AMR was posting its record loss.

At a time when its bigger rivals are losing their shirts, Dallas-based Southwest recorded a fourth-quarter profit of $42.4 million and a full-year profit of $241 million.

Analysts said they are concerned about whether American can change its business model in order to be competitive with more efficient carriers such as Southwest. "AMR's results once again demonstrate the incompatibility of its business plan with the proliferation of low fares," said Baker.

The company said it lost about $5 million a day in the fourth quarter and it expects to have a similar rate of cash burn in the first quarter of this year.

Credit ratings agency Standard and Poor's said after the earnings were released that it may cut its debt ratings on AMR and American Airlines, citing the heavy losses and dwindling sources of backup liquidity.

American said in its earnings statement that it would seek to renegotiate loan covenants related to more than $800 million of debt in order to remain in compliance with the terms of the borrowing beyond June 30. It also said it expects to be successful in obtaining a modification or waiver of the covenants on acceptable terms.

American added it would record a pension liability charge to equity at the end of the year of about $1.1 billion.


For the full year 2002, AMR reported a loss of $2.0 billion before special items. Including extraordinary items, the net loss was $3.5 billion, or $22.57 per share.

The net loss surpassed the previous record loss of $2.1 billion posted by United's parent UAL Corp. (NYSE:UAL - News) in 2001

[Endret 23.01.03 18:43 av OldNick]
[Endret 23.01.03 18:45 av OldNick]
[Endret 23.01.03 18:46 av OldNick]
23.01.2003 18:47

(For AMR - Se 2-års chart her)
12.03.2003 22:40

Nå har AMR fått et trøkk 16 til, og har falt ned til 1,41 i dag. Det er virkelig konkursprising.

Et selskap som FAST er priset til omtrent det samme som American Airlines, verdens største flyselskap - hverken mer eller mindre. Vil det gå konkurs - det er spørsmålet.

Hvis de klarer seg, er potensialet mildt sagt bra på noen års sikt. Sjansen for å overleve med alt inntakt er vel mikroskopisk, og det er det markedet vet.

Kraftige rekyler kan komme som kan gi 20-50%, problemet er å være inne.
28.03.2003 21:29

I den siste 2-ukers perioden har AMR vært nede på 1,12 og helt oppe på 3 $.

Nå noteres den rundt USD 1,50.

Årsaken er at ryktene om kreditorbeskyttelse under ch.11 har tiltatt i styrke.

AMR Down Further on Bankruptcy Fears
Friday March 28, 3:10 pm ET
By Kathy Fieweger

CHICAGO (Reuters) - Shares of American Airlines parent AMR Corp.(NYSE:AMR - News) dropped further on Friday as investors grew more worried the world's largest airline might file for bankruptcy protection next week.

Sources close to the talks told Reuters on Thursday the Fort Worth, Texas-based carrier had ramped up discussions for $1.5 billion in debtor-in-possession financing and could file for bankruptcy protection as early as next week.

Discussions among the bank groups were continuing Friday, the sources said, including debates on where the potentially massive Chapter 11 filing -- the largest in global aviation history -- would take place: New York or in Texas.

The sources also said AMR was being counseled to file in U.S. Bankruptcy Court for the Southern District of New York, as opposed to its home town of Fort Worth.

One source said that was because there were some anti-debtor decisions in Braniff Airlines' 1982 Chapter 11 bankruptcy case, which was heard in Fort Worth.

In any case, analysts agreed that time was of the essence in the case of AMR given the decline in bookings since the Iraq war began.


"Our analysis says the window is closing fast," said Bear Stearns analyst David Strine, who recently initiated coverage on AMR with an "underperform" rating. "They shouldn't really file (for Chapter 11 protection) with less than a $1 billion in cash."

Analysts said the airline's current cash burn rate is probably more than $5 million per day given the downturn in bookings due to the Iraq war.

The latest publicly available cash balance figure was $2 billion in unrestricted cash at the end of 2002, but analysts assume it has dropped significantly in the first quarter.

American has yet to strike deals with most of its major unions as the clock ticks. On Thursday, fleet service workers represented by the Transport Workers Union reached also reached a cost-cutting deal, although the terms were not disclosed.

Flight attendants represented by the Association of Professional Flight Attendants on Friday presented the airline with a concession package worth $340 million. Details were not released.

Shares of AMR were down another 15 percent in midafternoon New York Stock Exchange (News - Websites) trading, falling 26 cents to $1.53, after closing 18 percent lower on Thursday. The stock has lost 95 percent of its value since the Sept. 11, 2001, attacks on New York and Washington threw the aviation industry into an unprecedented crisis.
29.03.2003 10:23

American, Continental, Delta, Northwest cut by S&P
Friday March 28, 4:58 pm ET

NEW YORK, March 28 (Reuters) - Standard & Poor's late Friday cut its credit ratings for the four largest U.S. airlines not under bankruptcy protection, saying the Iraq war is already hurting their businesses, which might worsen if the war is prolonged or if big terrorist attacks take place.

S&P cut its rating for AMR Corp. (NYSE:AMR - News) and its American Airlines Inc. unit two notches to "CCC" from "B-minus." It also cut: Continental Airlines Inc. (NYSE:CAL - News) to "B" from "B-plus"; Delta Air Lines Inc. (NYSE:DAL - News) to "BB-minus" from "BB"; and Northwest Airlines Corp. (NasdaqNM:NWAC - News) to "B-plus" from "BB-minus."

All the ratings are "junk" grades. S&P said it may cut the ratings for Continental, Delta and Northwest again.

S&P analyst Philip Baggaley said: "The downgrades reflect financial damage from reduced revenues and deeper losses leading up to and during the Iraq war, and the risk of further deterioration should the war prove long and difficult, or if significant terrorist attacks occur."

All of the airlines have announced cuts in jobs, flights or both in the last two weeks. American is negotiating with unions to seek concessions and avoid a possible bankruptcy filing as soon as next week, people familiar with the matter said.

Earlier on Friday, rating agency Fitch Ratings (News), warned of "far-reaching" negative effects from a long Iraq war.
31.03.2003 22:45

Her går det berg og dalbane, ja.

Laveste: 1.30, høyeste: 2,50
Omsatt: Drøyt 20% av utestående aksjer.


Associated Press
American, Unions Deal; Bankruptcy Avoided
Monday March 31, 3:13 pm ET
By Brad Foss, AP Business Writer
Source Says American Airlines Reaches Tentative Agreement With 3 Unions, Bankruptcy Avoided

American Airlines reached tentative agreements with three key unions, avoiding a bankruptcy filing, a source familiar with the situation said Monday.
The source, who spoke on condition of anonymity, said technicalities still needed to be worked out, but that it appeared that the world's largest carrier achieved the $1.8 billion in labor concessions that it needed to avert Chapter 11. Any agreements reached between union and company negotiators would still need to be voted upon by the employees.

"We've reached an agreement on an economic framework," George Price, a spokesman for the flight attendants union said. Price would not discuss details, but he said the membership ratification process could begin as early as tomorrow.

American said in a news release on Monday that it reached a tentative agreement with its 16,200 mechanics. The pilots union would not confirm that a deal had been struck.

Var inne fredag, men solgte meg ut da det avr sterke rykter om konkursbegjering denne uken. Det var dumt, ja. Rakk ikke å plukke den opp igjen.
01.04.2003 11:14

Fra Nettavisen:

American Airlines reddet av de ansatte
Av: Bård Ove Molberg 01. apr 10:00

Flykjempen American Airlines unngår konkurs etter at de ansatte mandag gikk med på et veritabelt lønnskutt.

American Airlines hadde et underskudd på 25 milliarder kroner i fjor. De siste dagene har ledelsen truet med å be om beskyttelse under amerikansk konkurslovgivning (Chapter 11). Parallelt har det vært ført forhandlinger med de ansatte med krav om omfattende lønnskutt.
Mandag kveld norsk tid ga de ansattes representanter for tre av fagforeningen etter, og godtok et lønnskutt på 15-20 prosent. Ledelsen regner med at det vil gi besparelser på 13 milliarder kroner i året, og at det er nok til å unngå konkurs.

Før avtalen kan settes ut i livet, skal 70.000 av American Airlines’ 100.000 ansatte stemme over lønnskuttet. Avstemningen vil bli unnagjort de to neste ukene.

Tipper AMR blir volatil fremover, risiko, men mye penger å tjene. Omsetning har vært formidabel de siste ukene.
01.04.2003 15:57

Denne kommer til å ruse idag, handlet mellom 2,50 og 2,83 i forhandelen. Jeg solgte mine for 1,60 på fredag :-(

AMR endte på 3$, + 43%

[Endret 01.04.03 15:58 av OldNick]
[Endret 01.04.03 23:17 av OldNick]
02.04.2003 11:40

Fortsatt bull i amerikanske flyaksjer ?

Fra Nettavisen.no:

Gir flyselskap 23 milliarder i nødhjelp
02. apr 11:01

Amerikanske flyselskaper vil få utrolige 23 milliarder kroner i statlig støtte som følge av krigen i Irak.

3,2 milliarder doller, eller litt over 23 millioner norske kroner, skal utbetales i «krigs-støtte» til amerikanske flyselskaper.
Det melder Bloomberg News, ifølge TDN Finans.

En hel flynæring sliter tungt med fallende etterspørsel, etter at krigen i Irak brøt ut. De amerikanske selskapene rammes verst.

Representantenes hus' tildelingskomite godkjente tirsdag støtten som del av et forslag for betaling av krigen i Irak på rundt 80 milliarder dollar.

Amerikanske flyselskaper mottok også 5 milliarder dollar i kontanter og lånegarantier på 10 milliarder dollar etter terrorangrepet på World Trade Center 11. september 2001.
02.04.2003 23:13

Jepp, fortsatt rally i flyaksjene.

AMR + 42% idag - OGSÅ !!

Det er ikke til å tro.

Aksjen har gått mer enn 3-gangen på 3 dager.

Laveste kurs mandag var 1,30, høyeste idag 4.28 - slutt 4,25

De andre henger noe etter men +5-10 %lar seg også høre.

Når vil de ta seg en pause for å konsolidere ?

Hva er visten med å handle på OB når man kan ha slik action i New York. Oslo Børs er som en treg dølagamp i forhold.

Men - ingen ser ut til å være interessert, det er større interesse for å tape pengene sine på NOI, MED og KVI.

[Endret 02.04.03 23:13 av OldNick]
02.04.2003 23:25


...ja, vi taper langsomt penger på Oslo Børs..

...i statene kan vi gjøre det mye raskere...

For noen av oss har jo gjort nettopp det - og har funnet ut at Lotto er sikrere! Hvorfor? Jo, det er umulig å anta kursen på noe selskap ut fra fundamentale forutsetninger: Alle regnskap er fikset, alle opplysninger er silt...

Så ja, det kan gå opp. Eller plutselig ned. Flaks/uflaks. Eller kanskje en dyktig teknisk analytiker kan gjøre det bra der?

Men bevares: Treffer du riktig, så...
03.04.2003 10:18

Vel, det har vært interessant å studere.

Amerikanserne har fortsatt penger å investere, de som er risiko-villige. Her har det vært mulig å gjøre en årslønn eller 2 i løpet av 3-4 dager, men man kunne også risikere å tape betydelige deler av innsatsen dersom ting hadde gåt feil vei. Den gamle regelen om at man ikke skal investere mer enn man har råd til å tape bør man aldri fire på.

AMR har helt klart vært mye shortet, men nå er det altså omsatt mer en halvparten av alle aksjene i løpet av 3 dager (selv om den frie andelen aksjer som handles jo sikkert er omsatt flere ganger :-)
04.04.2003 08:36

AMR - toppet ut på 4,75 som høyeste i går.

En kraftig sell-off på slutten, den endte på 3,63.

Ikek dumt å ta litt gevinst etter en slik reprising.

Har ikke summert opp, men i løpet av en par uker må omsetningshastigheten i AMR vært over 100%.

De andre, store flyselskapene har også fått et godt løft.
04.04.2003 10:01


Godt jobba, OldNick!
15.04.2003 18:51

Vanvittig svingninger i AMR i kveld.

Startet fra 3,1 - opp til ca. 3,90 ved lunchtider.

Deretter uklare meldinger (?) om flypersonalets avstemning. Investorene kastet ut 5 mill. aksjer umiddelbart, og kursen var som lavest nede i 2,85 før den dro seg oppover igjen.

Da kom resultatet fra 2 avstemninger (etter hva jeg har fått med meg). Pilotene og bakkepersonalet stemte ja til avtalen med AMR, mens resultatet fra flypersonalets forening ikke er kjent (såvidt jeg vet).

Fra en av Reuters pressereferater står det: "At midday, sources familiar with the matter said the voting situation was still too close to call and paperwork for a bankruptcy filing in the New York courts was ready to go."

Var en tur nedom 3,30, før den føk opp igjen (4,50 høyest) og ser nå ut til å stabilisere seg (vel stabil og stabil, alt er relativt)på ca. 4$.

I tillegg har det kommet revisor-rapport som stadfestet at revisor hadde tvil om selskapet kunne greie seg som "going concern". Sannelig nære sannhetens time.

Jeg har ikke tatt sjansen på å handle denne idag, hadde problemer med å få tak i alle opplysningene samtidig som kursen hoppet helt vilt.

Tillegg: AMR har forhandlet frem en avtale med sine ansatte som innebærer ca. $1,8 mrd i besparelser, som innebærer ca. 6000 oppsigelser (blant 70.000 ansatte), samt lønnskutt på 15-23% (avhengig av jobbtype). De (gjenværende) ansatte får aksjeopsjoner som kan gi dem en samlet eierandel på opptil 20% av AMR (basert på visse målresultater).

[Endret 15.04.03 19:18 av OldNick]
[Endret 15.04.03 19:58 av OldNick]
15.04.2003 21:40

Kl. 15 (ET), 21:00 (norsk tid) kom beskjeden om at flybetjeningen stemte nei med minimal margin.

Aksjen falt nesten 1$, før den ble suspendert 5 min. senere.

Vil ledelsen stå ved sine uttalelser og søke om Ch.11 beskyttelse ? Spennende for både eiere og ansatte, de frykter mye verre kutt enn hva som var avtalt. Alle aksjeeiere biter negler nå, kan jeg tenke. Glad jeg ikke er blant dem idag...

Men den enes død, den andres brød ....
De andre flyselskapene, CAL, DAL, NWAC bl.a. handles opp kraftig idag, ca. 10%

[Endret 15.04.03 21:43 av OldNick]
16.04.2003 09:07

Det var visst ikke så lett å være konsekvent - kabinperonalet får en ny sjanse .....


Oslo (TDN Finans): American Airlines forlenger fristen for sine
kabinansatte til onsdag klokken 17.00 for å avgi sin stemme over lønnskutt som skal hindre at flyselskapet går konkurs.

Det melder Bloomberg News onsdag.

Ved gårsdagens opptelling stemte medlemmenes i de kabinansattes forening mot forslaget med 9.842 mot 9.309 stemmer.
TDN Finans

Selv om aksjen ble suspendert i normal handel, var det livlig handel etter børs, omsetning mellom 3,21 og 4$, mest rundt 3,50-3,60.

Dette er ren og skjær casino - kvitt eller dobbelt !

[Endret 16.04.03 11:09 av OldNick]
17.04.2003 12:31

Det blir fortsatt rock'n roll i AMR. Kabinpersonalet godtok nå med marginal overvekt avtalen.

American Airlines Avoids Bankruptcy
Wednesday April 16, 8:06 pm ET
By Jon Herskovitz and Kathy Fieweger

DALLAS/NEW YORK (Reuters) - American Airlines on Wednesday narrowly averted a massive bankruptcy filing when flight attendants joined two other unions in approving sweeping wage concessions needed to help turn the airline around.

The Association of Professional Flight Attendants accepted a package to cut wages and benefits by $340 million, reversing a rejection by the group the previous day.

The vote, announced late Wednesday, was 10,761 flight attendants in favor of concessions, and 9,652 against.

By securing a total $1.8 billion in concessions from labor, in addition to another $2 billion in structural costs already cut, AMR Corp.'s American hopes to begin reversing its dismal financial performance of the last two years.

AMR Chief Executive Don Carty said the world's biggest airline is not yet "out of the woods."

"Given the hostile financial and business environment we find ourselves in and its inherent risks, the success of our efforts is not assured," Carty said.

American, based in Fort Worth, Texas, had repeatedly said all three of its major labor groups must ratify concessions or it would file for bankruptcy in short order. Its two other major unions voted Tuesday in favor of concessions pacts, with pilots ingesting the largest portion of pain. They are taking 23 percent pay cuts.

The individual concession packages were $660 million from pilots, $620 million from mechanics and ground workers, $340 from flight attendants and $180 million from management and other nonunion groups.
17.04.2003 12:33

Men alt er ikke bare bra. Topplederne sikrer seg fallskjermer - der som her. Denne ble publisert i går kveld/natt. Vil det være noen som føler seg lurt ?

Dow Jones Business News
AMR Created Special Pension Trust for Top Executives
Thursday April 17, 12:41 am ET

Amid intense cost-cutting last year, American Airlines' parent, AMR Corp. (NYSE:AMR - News) , funded a supplemental pension trust for its top 45 executives that protects a portion of their retirement income in the event of a bankruptcy filing, Thursday's Wall Street Journal reported.

The world's largest airline also offered its top six executives "cash retention" bonuses of twice their base salaries if they stay through January 2005.

The executive perks, similar to ones at other airlines that drew fire from Congress and unions, were disclosed late Tuesday in exhibits attached to the company's year-end financial filing. AMR, based in Fort Worth, Texas, had delayed filing the report because the company was negotiating pay and benefit cuts with its unions. The filing coincided with the scheduled end of voting by workers to ratify $1.8 billion worth of concessions to avoid a bankruptcy filing.

American defended its supplemental pension program. Bruce Hicks, a company spokesman, noted that the executives' primary pension program would be at risk in a bankruptcy, just like other employees. The supplemental program funds pension benefits above the regular employee program, and is actually similar, the company said, to a trust American's pilots have for supplemental pension benefits.

Wall Street Journal Staff Reporters Scott McCartney, Theo Francis, Joann S. Lublin and Ellen E. Schultz contributed to this article.

Vel, svarene kom umiddelbart - noen føler seg lurt...

American Air Unions Upset at Pension Fund

Thursday April 17, 7:17 pm ET
By Jon Herskovitz

DALLAS (Reuters) - Mechanics and ground workers may have thrown a wrench into labor concession deals aimed at heading off a bankruptcy filing at American Airlines when their union leadership threatened on Thursday not to sign the pact over a dispute on executive compensation.

Two other major unions also expressed outrage at news of special pension funding for senior management, just as rank-and-file workers agreed to stiff pay cuts.

[Endret 18.04.03 13:56 av OldNick]
17.04.2003 12:49

A Conversation With Ray Neidl
Wednesday April 16, 5:30 pm ET
By Scott Patterson

IT'S NOT EVERY DAY Wall Street sees moments of high drama such as American Airlines provided on Tuesday.
In heavy trading, shares of the world's largest carrier shot up 24% on expectations that the airline's three unions would approve an agreement to slash $1.8 billion a year in labor expenses from the company's budget. If no deal was reached, warned Don Carty, chairman of American parent AMR (NYSE:AMR - News), the company would be forced to file for Chapter 11 bankruptcy protection. But as management's deadline — high noon, no less — came and went without a peep from the flight attendants' union, the rumor mill started to churn.

Later in the afternoon, the grim word came down. By a mere 533 votes, the Association of Professional Flight Attendants had rejected the concessions. The New York Stock Exchange immediately halted trading of AMR to avoid a panic-driven sell-off on the news.

But hope remains. Management gave the union until Wednesday afternoon to reconsider the offer, and most analysts agree that the flight attendants will approve it this time around.

The white-knuckle desperation and last-minute deals of Tuesday reflect the state of a sector in shambles. In 2001 and 2002 combined, the airline industry posted total losses of $17.7 billion on terrorism fears and a weak economy. And 2003 could be even worse, will red ink for the year potentially approaching $13 billion, according to the Air Transport Association, a U.S. airline trade organization.

These losses are, of course, unsustainable, and the $3.1 billion aid package Congress is expected to approve in the following weeks will do little to solve the industry's woes. Yet, according to Blaylock & Partners airline analyst Ray Neidl, if the economy doesn't go belly up, airlines may be poised for a turnaround. "I'm expecting [the recovery] to be slow," says Neidl, "but now that American and the other airlines are reducing their costs, that should put some wind in their sails."

Les mer her.
18.04.2003 13:54

God dag for flyaksjer i USA igår.

AMR opp 18%, CAL og DAL opp ca. 12%.

Nå er vel disse (spes. AMR/CAL) antagelig utenfor konkursfare, og spesiellt AMR burde ha potensiale, sett over noen år. De er USA's (og verdens) største, og ved å beholde den posisjonen og få rimelige marginer på plass, burde dette selskapet være langt mer verdt enn (f.eks.) SAS. Nå prises de (omtrent) likt.

Hvis nå AMR får avtalen med foreningene på plass (de truer med å nekte å signere), burde de kraftige, kortsiktige svingningene være forbi. Papirene er dog fortsatt utsatt for negative nyheter, slik at høy volatilitet må forventes.

De siste ukene har AMR f.eks. blitt omsatt med 10-50 mill. aksjer hver dag. Jeg har lest at antall "frie" aksjer (ikke eid av institusjoner etc.) er under 40 mill. Antall short'ede aksjer er/var 30 mill. Aksjen (sammen med bl.a. CAL og DAL) har blitt tradernes "offer", og bevegelsene er ofte uventede. Antakeligvis vil dette avta, og omsetningen gå kraftig ned.

[Endret 18.04.03 14:05 av OldNick]
19.04.2003 21:45

Associated Press
American Airlines Dumps Executive Bonuses
Friday April 18, 10:28 pm ET
By David Koenig, AP Business Writer
American Airlines Dumps Plan to Award Bonuses to Six Top Executives After Sharp Criticism

DALLAS (AP) -- After sharp criticism from its rank-and-file, American Airlines dropped a plan Friday to award bonuses to select top executives if they stay at the embattled airline until 2005.
But the world's biggest airline is leaving in place a supplemental pension plan for a broader group of top executives that would be protected even if American filed for bankruptcy.

AMR Union Threatens New Vote on Cuts Deal
Saturday April 19, 2:04 pm ET
By Jon Herskovitz

DALLAS (Reuters) - The flight attendants union at American Airlines is calling for a new vote on a concession package aimed at keeping the airline out of bankruptcy, saying its ratification a few days ago was tainted by revelations of executive compensation packages.

The Association of Professional Flight Attendants, which represents about a quarter of American's 100,000-member work force, did not say when it plans to hold the new poll except that it would be done expeditiously, according to a statement on the union's Web site from APFA President John Ward late on Friday.

Associated Press
American's Labor Relations Tested Again
Saturday April 19, 11:12 am ET
By David Koenig, AP Business Writer
American's Often-Rocky Labor Relations Tested Again With Word It's Rewarding Executives

DALLAS (AP) -- When the week began, American Airlines' rank-and-file held the power to keep the world's largest carrier out of bankruptcy. By week's end, however, the pressure had shifted toward the company's executives as plans to give them bonuses and protect their pensions threatened to undermine employees' willingness to sacrifice their own wages and benefits.

The airline's unions warned they might rescind their approval of agreements that would cut American's costs by $10 billion over the next six years -- deals the company says it needed to avoid a Chapter 11 filing. Recognizing the growing fury of its workers, the Fort Worth, Texas-based company on Friday dropped a plan to award retention bonuses to top executives. The bonuses would have kicked in if the executives stayed at the embattled airline until 2005.
24.04.2003 00:05

Et enkelt råd fra Motley Fool - STAY AWAY, leken er over !

By Bill Mann

Dear AMR shareholders:

Sell. Get out. Go away. You're not dealing with a company.
You're dealing with a three-card monte table in Times Square.

I'm not saying you can't win. I am saying that you won't win.
The latest flap about dealings by executives essentially assures
that. There will be no more cooperation between American
Airlines parent AMR's (NYSE: AMR) unions and its management.

On Monday, CEO Don Carty apologized for this "recent mistakes in
judgment." The apology is fine, but what we have here is not a
case of recent mistakes in judgment. What we have here are deep
character flaws in the executive team at AMR, ones that were
both tolerated and encouraged by a non-interventionist board.
Essentially, far from "aligning management interests with
shareholders," actions by management ensured that they got
theirs, whether or not shareholders, employees, or anyone else
received anything.

It's not just an error in judgment; it's a revolting view into
the warped sense of self-entitlement that pervades America's

Once upon a time, when companies went broke, managers suffered
along with them. Oh, sure, they were generally well compensated
while the companies were in operation, but their equities, their
pensions, and their ongoing salaries were deeply affected, if
not wiped out altogether. Not anymore.

Bankruptcy, as we've seen in the last few years, doesn't have to
be traumatic to management teams at all. In fact, they can
profit handsomely from reorganization, and once the process is
done, they can replace their old canceled equity stakes with new
shares and options. Meanwhile, the common shareholders are wiped
out, and the retirement benefits and ownership stakes of
employees are obliterated.

AMR, like many airlines, has lost billions of dollars since
the terrorist attacks on Sept. 11, 2001. Even in the best of
times, airlines are a miserable business, with massive fixed
costs, highly specialized and unionized employee bases, and
heavy competition that, despite enormous advertising and
differentiation campaigns, generally come down to price. Add
to these things the reduction in air travel, enormous
overcapacity, a rapid increase in fuel costs, and rising
insurance and security premiums, and it's easy to see that
these are not the best of times. In fact, several carriers are
already in bankruptcy, several more seem destined to be there
soon -- including American.

Its management addressed its powerful unions and gave them a
choice: They could keep their current compensation agreements,
which would doom the company to bankruptcy, or they could
accept deep salary cuts and give the company a chance to
survive. Not a great choice, but when a company goes bankrupt,
all of its assets are available to creditors, including pension
funding. A bankruptcy would put the retirements of current and
past employees at risk. So, the unions opted for Plan A. They
accepted lower salaries in the hopes of staving off Chapter 11.
All told, the concessions total more than $1.8 billion.

Even while the unions worked under the assumption that
sacrifices would be required to save American, corporate
executives took measures to ensure that, come rain or shine,
they got theirs.

This took on a three-pronged approach. First, at the end of last
year, AMR canceled a plan that deferred compensation for
executives. This meant that money the company had retained was
paid out to executives in a lump sum. Certainly, it's their
money, but this act doesn't jibe with the company's need to
retain as much cash as possible to stave off a liquidity crunch.

Second, as was disclosed in a securities filing last week, AMR
last October partially funded a secular trust to protect some
pension benefits for 45 executives in case of company bankruptcy.
These arrangements lie outside the grasp of creditors, while the
company's own pension fund does not. And finally, its directors
approved retention bonuses for top executives if they remain with
the company through 2005, bonuses that range from 150% to 200% of
their base salaries.

AMR defends its actions, stating that its executive salaries are
below those of its competitors and that the untouchable pension
is no different than that of American's pilots. And finally, it
pointed out that several executives have in fact departed since
the difficulties began -- few retired, one took a job at AT&T
(NYSE: T). In all instances, the company has a point. Barely.
After all, for most people, the argument of "Well, he's doing it
more than me" stopped having much power when we were six.

The proper basis for such actions ought to be: "Is this the
right thing to do?" At a time when the majority of employees and
shareholders are in danger of losing everything they have in
AMR, an answer other than "no" would be unacceptable. Executives
taking cash out of a company while they cry that the company is
running out of cash is, frankly, unforgivable.

After he was called on his actions, Carty reversed course and
canceled the retention bonuses. The cash they took out last year
as well as the secular pension remain in place. He further
declared that the company was on the "precipice of bankruptcy,"
and urged unions to move ahead, stating, "The precariousness of
our financial condition simply can't sustain any action that
would delay or prevent the consensual restructuring measures
from taking place on schedule." And he's right. Union members
may be angry and they may want to change their votes just to
spite them and their greed, but such a victory of principle
would come at a massive cost.

An AMR bankruptcy means their equity and pensions would be wiped
out, many would lose their
24.04.2003 00:07

fortsetter .....

An AMR bankruptcy means their equity and pensions would be wiped
out, many would lose their jobs, and there would be a chance that
the company could not emerge. For the industry on the whole, this
wouldn't be such a bad thing -- for American's employees, it
would be catastrophic. After all, this is the airline industry --
where would they possibly go for another job? Almost every other
company is struggling, and the standout -- Southwest Airlines
(NYSE: LUV) -- didn't get to be the king by larding up its
employment ranks.

Investors have no such problems. AMR shareholders, for the most
part, are not stuck. You're holding a company with miserable
economics, one that has high fixed costs in a marketplace that
absolutely needs to have some of the excess wrung out before it
can ever be healthy. Its management that has -- fairly or not --
presided over the destruction of the company's equity and
responded to such by ensuring that its cohort avoids the pain
felt by everyone else at the company. And you can bet that its
unions are not likely to take anything claimed by management at
face value for a long, long time. That means that shareholders
will suffer for a long, long time. Don't be one of them.

Fool on!

Bill Mann, TMFOtter on the Fool discussion boards

Bill Mann owns none of the companies mentioned in this article.
If he did, he wouldn't for long. The Motley Fool is investors
writing for investors.

[Endret 24.04.03 00:07 av OldNick]
25.04.2003 12:23

Fra dn.no:

American Airlines-sjef sparket
NTB (05:30)

Det kriserammede amerikanske flyselskapet American Airlines, som er verdens største flyselskap, sparker toppsjef Don Carty etter en heftig krangel om bonuser og andre feite ledergoder. Selskapet vurderte fredag å be seg slått konkurs.

Talsmenn for selskapet sa at toppsjefen selv valgte å gå av, men ifølge internasjonale medier var det liten tvil om at han egentlig ble presset ut. Nyhetsbyrået Reuters skrev rett ut at Carty fikk sparken.

–Styret i American Airlines har godtatt Don Cartys søknad om avskjed fra stillingen som styreformann og administrerende direktør. Edward A. Brennan er utnevnt til ny styreformann og Gerard J. Arpey til ny administrerende direktør, het det på selskapets nettsider natt til fredag norsk tid.

Herskap og tjenere
American Airlines er i dyp krise, og måtte etter første kvartal i år bokføre et tap på vel en milliard dollar (sju milliarder kroner). Flygerne og de andre ansatte i gigantselskapet har gjennom sine fagorganisasjoner tilbudt seg å gå ned i lønn, for dermed å bidra til at selskapet blir reddet fra konkurs.

Denne offerviljen står i skarp kontrast til godene som Don Carty og selskapets andre ledere har bevilget seg selv. Da de for en snau uke siden langt om lenge tilbød seg å si fra seg sine bonuser, sa de kabinansattes hovedtillitsmann John Ward at dette ikke var noe annet enn bondeanger etter at de ble tatt "med fingrene i kakeboksen".

Forskjellen mellom herskap og tjenere ble tydelig etter at det ble kjent at American Airlines hadde opprettet et eget fond som skal sikre pensjonene for de 45 øverste lederne, i tilfelle konkurs. Ledelsen har nå sagt fra seg denne bonusavtalen.

Verre enn United
En konkurs i selskapet blir en tilsvarende stor katastrofe, som i omfang og konsekvenser vil overstige bankerotten i United Airlines, det amerikanske konsernet som i desember ifjor måtte gå den tunge gangen til skifteretten og be om beskyttelse mot sine kreditorer.

Flyselskaper generelt og de amerikanske selskapene spesielt, har slitt tungt med økonomien de siste årene. Nedgangstidene i de store industrilandene har svekket etterspørselen etter både forretnings- og fritidsreiser.

Terrorangrepene mot New York og Washington 11. september 2001 gjorde situasjonen enda verre. Ved siden av amerikanske United og American, har europeiske storselskaper som sveitsiske Swissair og belgiske Sabena bukket under.

Egen kommentar: Selskapet er fortsatt i dyp krise, foreningene har ennå ikke signert avtalen om lønnskutt, og ledelsen truer med å søke om konkursbeskyttelse. Allikevel stiger kursen 10% etter børs, vanvittig.

Sannsynligheten for at AA overlever er nokså lav nå, tror jeg.
05.05.2003 15:43

kjøpte nettopp noe ACAI (Atlantic Coast Airlines) til 9.85
Synes denne virker interessant nå, både teknisk og fundamentalt

05.05.2003 15:54

Warren Buffet baisset fly industrien i helga.

Stocktalk.no eies av MarketMind AS
Adresse: Thunesvei 2, 0274 Oslo Tlf: 21 07 50 08 Email: st [at] stocktalk.no Orgnr: 979 175 027 MVA
Kontakt oss | Hjelp | Regler | Sett som startside | Legg til favoritter © 2008 Vestover AS