American Airlines stock set to add to its tally of records with a weekly gain of over 75%

American Airlines stock set to add to its tally of records with a weekly gain of over 75%

Shares of American Airlines Group Inc. were on track to set two new records Friday, one for volume and another for weekly gains, as an upbeat outlook for travel demand continues to fuel investor sentiment. A shockingly upbeat May jobs report also helped support the notion that the worst of the COVID-19 crisis has passed. The stock jumped 10.9% in afternoon trading, a day after the stock rallied aone-day record of 41.1%. Trading volume was a massive 389.8 million shares with 50 minutes left in the trading day, which is on a pace to surpass Thursday’s one-day record total of 399.4 million shares. The stock has now run up 76.6% this week, or more than double the previous record for a weekly gain of 35.3% for the week ended March 27, 2020. Friday’s rally comes even after Raymond James analyst Savanthi Syth downgraded the air carrier to underperform from market perform, saying the debt-burdened carrier’s shares were “priced to perfection.” The stock has still shed 35.4% year to date, while the U.S. Global Jets ETF has shed 36.3% and the S&P 500 has slipped 1.2%.

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