American Airlines’ quarterly loss better than expected, shares jump 60%

(Reuters) – Shares in American Airlines Group Inc, the most shorted U.S. carrier, surged 60% in premarket trading after it was mentioned on Reddit’s WallStreetBets forum and it posted a slimmer-than-expected quarterly loss on Thursday.

American joined rival Delta Air Lines in calling 2021 a year of recovery for an industry that has been ravaged by the coronavirus pandemic.

“As we look to the year ahead, 2021 will be a year of recovery. While we don’t know exactly when passenger demand will return, as vaccine distribution takes hold and travel restrictions are lifted, we will be ready,” American Airlines Chief Executive Doug Parker said.