AMR Corp Pops on Sovereign Wealth Fund Rumors (AMR)
AMR Corp. (NYSE: AMR) is flying higher today, currently positive by 5.12%, trading at $6.34. There are some rumors swirling around trading circles that the company may receive an investment from a large sovereign wealth fund.
Call volume is heightened today as well. The September $7.00 strike has already traded over 12,000 times, surpassing open interest of 9,212 contracts. This indicates new positioning on the strike. The October $8.00 call was also purchased 1,250 times on open interest of 2,023 contracts.
Currently calls are vastly outpacing puts, with over 19,000 calls traded versus 357 puts.
AMR Corporation, incorporated in October 1982, operates in the airline industry. The company's principal subsidiary is American Airlines, Inc. As of December 31, 2009, American provided scheduled jet service to approximately 160 destinations throughout North America, the Caribbean, Latin America, Europe and Asia.
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