AMR gets the boot


Aug 21, 2002
NEW YORK -- AMR Corp.(NYSE:AMR) (AMR), parent company of American Airlines, is being replaced in Standard & Poor''s S&P 500 Stock Index by Apartment Investment & Management Co. (AIV).
The financial-data company said late Tuesday it will removed AMR because of low market capitalization and price per share. The move will be effective after Thursday''s trading.
At 4 p.m. EST on the New York Stock Exchange, shares of AMR tumbled 34%, or 82 cents, to $1.59 on volume of 13.8 million shares, more than four times the daily average. The stock was battered by reports the carrier is seeking interim financing to keep it operating during possible bankruptcy proceedings.
Apartment Investment & Management is a Denver-based real-estate investment trust. It will be added to the S&P 500 REIT subindustry.
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