American Airlines files for Chapter 11 bankruptcy:
Parent company AMR filed Tuesday, the only major air carrier not to have done so since Sept 11th 2001. American has been saddled with higher costs than its rivals, all of whom lowered their own costs partly through the bankruptcy process. The hope is that American can do the same. Service will not be interrupted in the near term, watch for changes on some of the routes served by American Eagle, which uses aging aircraft to serve smaller markets (like Rochester).
Corning shares drop after earnings forecast:
It's not that people aren't buying enough big-screen TVs and iPhones and other devices that use LCD glass. But glass makers are turning out so much of it that the market is glutted, and a major Korean customer of Corning is refusing to honor its purchase contracts for glass, leaving Corning choking on oversupply.
Want a piece of the Empire State Building?
Look like you'll get a chance pretty soon. The real estate family that controls the New York City landmark are planning to take it public, after a major renovation and increase in rental rates. An IPO with a straightforward business model (offering office space for a monthly rental) stands in stark contrast to some recent deals like LinkedIn and Groupon. Both of those came out in a frenzy and are trading at about half their first-week-of-issue price. Doesn't anyone remember the Tech Bubble?
It's not all bad news:
Monro Muffler Brake shares rose yesterday despite a lack of news. The shares are up 13% this year. Maybe it's because of their consistently good earnings, and insiders have been buying the stock. Whatever it is, I'm glad to see a local company doing well.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).