BUSINESS BRIEFING / AIRLINES
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American Airlines parent AMR Corp. lost $375 million in the first quarter as people flew less this year than they did a year ago, and officials said May and June bookings look like more of the same.
Still, the loss reported Wednesday was much smaller than Wall Street expected, and AMR’s long-depressed shares jumped 79 cents, or 18.7%, to close at $5.01 after hitting $5.15 earlier in the day.
Even though it cut flights, American’s planes were not as full. Corporate travel was especially weak and revenue tumbled 15% compared with the first quarter of 2008, wiping out the Fort Worth, Texas, airline’s gain from cheaper fuel.
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