AMR Corporation (OTCQB: AAMRQ), the parent company of American Airlines, is seeing a huge rally in mid-day trading today after the company said that its business prospects have improved significantly and therefore equity holders might receive some value from its Chapter 11 reorganization. AAMRQ had filed for bankruptcy in November 2011.
AAMRQ is currently weighing merging with US Airways Group Inc. (NYSE: LCC) against existing bankruptcy as a standalone company. Last month, AAMRQ had seen a huge rally amid talks that the company may merge with US Airways.
In today’s trading, AAMRQ is up 21.82% to $1.10 on volume of 35.19 million, which is nearly six times the daily average volume of 6.14 million.
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World Moto Inc. (OTCQB: FARE), a manufacturer and supplier of taxi meters for the motorcycle taxi industry, is down sharply in mid-day trading today, extending its losses from the previous trading session. FARE has slipped in the last two days after rallying for over a week amid some positive developments for the company.
Earlier this week, the company had announced that it opened North African regional office in Lagos, Nigeria, which is a $150 million market for its Moto-Meter.
FARE is down 8.72% to $0.157 on volume of 40.97 million, which is nearly two times the daily average volume of 20.49 million. The stock has fallen nearly 38% for the week. The sell-off could be due to profit booking after the week-long rally. FARE currently has support at around $0.12.
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