Events deaths births , of 31 MAR
[For Mar 31 Julian go to Gregorian date: 1583~1699: Apr 10 1700s: Apr 11 1800s: Apr 12 1900~2099: Apr 13 ... Disguised German cruiser sails to sink Allied shipping On a 31 March:
The news come out that American Airlines (AMR) has reached agreements for the wage concession it needs to avoid Chapter 11 bankruptcy, from its employee's three main unions: mechanics, flight attendants, pilots. The agreements have yet to be signed by the negotiatiors, and then ratified by votes of the unions' members. On the New York Stock Exchange, 28 million of the 156 million AMR shares are traded, surging from their previous close and today's 09:30 opening of $1.58, and today's 09:41 intraday low of $1.30 to an 13:59 intraday high of $2.50 and close at 16:00 at $2.10. They had traded as high as $43.75 on 05 January 2001.
After the markets close, it is announced that the wage and benefit cuts are worth an estimated $660 million from the 13'500-member pilots' union, $340 million from the 26'000 flight attendants, and $620 million from 35'000 members of the Transport Workers Union, which includes mechanics.
Despite AMR's uncertain future, which may still bring bankruptcy, on 01 Apr 2003, AMR is upgraded by JP Morgan from Underweight to Neutral, and by Goldman Sachs from Underperform to Outperform; and 28 million AMR shares are traded, reaching an intraday high of $3.03 and closing at $2.90. On 03 Apr 2003, 35 million AMR shares are traded, reaching an intraday high of $4.28 and closing at $4.25. | |
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