AMR Corporation (NYSE: AMR) may be bankrupt, but the company has announced more executive departures are part of its restructuring. Now there is hope that there could be some equity value left in the common stock. We would note that common stock holders usually get hosed in bankruptcies, so don’t bank on there being equity value left just because the stock is up today. The stock is still traded actively on the New York Stock Exchange. At least for now, and at least when the stock is not busy getting halted because of its 10% circuit-breaker triggers being hit too often.
If you review the “trading halt times” as of 12:17 PM EST today, AMR has been halted now by as many as five times (and counting…). The halts came as follows, with resumption times after:
- 11:43:59 11:49:05
- 11:50:22 11:55:36
- 11:56:45 12:01:51
- 12:05:30 12:10:39
- 12:13:19 12:18:34
It seems pretty obvious that the New York Stock Exchange needs to learn to make exceptions for each 10% up or down. After a stock moves 10% on news (or just on momentum or rumors) the stock tends to keep moving over and over. Having these halts is probably not helping the liquidity out. It may even be hurting it.
Shares are up 62% today at $0.687, assuming it is not halted.
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