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AAL

American Airlines

$38.89

1.16 (3.07%)

08:40
10/11/16
10/11
08:40
10/11/16
08:40

American Airlines sees value of net special items to be approx. $300M in Q3

The company said in a regulatory filing that it expects the value of its net special items in the third quarter to be approximately $300 million, principally consisting of merger integration expenses relating to re-branding of aircraft, airport facilities and uniforms, information technology, alignment of labor union contracts and fleet restructuring. Mainline CASM excluding fuel and special items is expected to be up approximately 5 percent to 7 percent in 2016. This forecast incorporates the impact of the joint contracts with the Company's customer service and reservation agents and dispatchers, as well as the interim agreement with the Company's fleet service clerks and mechanics and the amended agreement with the Company's regional pilots. This guidance and the CASM guidance in the following pages includes the impact of profit sharing. On March 23, 2016, the Company announced that it would institute a profit sharing program, retrospective to January 1, 2016. As a result, the Company will now accrue 5 percent of its pre-tax profits excluding special items for this program, with an anticipated distribution to employees in early 2017. 2016 total system capacity is expected to be up approximately 1.5 percent vs. 2015. Full year domestic capacity is expected to be up approximately 1.5 percent year-over-year, while international capacity is also expected to be up approximately 1.5 percent vs. 2015. The Company expects to pay an average of between $1.44 and $1.49 per gallon of mainline jet fuel in the third quarter. Following the filing of its annual tax return, the Company had approximately $10.5 billion of federal net operating losses and $4.0 billion of state NOLs, substantially all of which are expected to be available in 2016 to reduce future federal and state taxable income. The increase in the federal NOLs from previous guidance is attributable to the election to take bonus depreciation on eligible assets in the 2015 federal income tax return. The Company expects to recognize a provision for income taxes in 2016 at an effective rate of approximately 38 percent, which will be substantially non-cash. In 2016, the Company expects to take delivery of 55 mainline aircraft including 25 A321 aircraft, 20 B738 aircraft, 2 B773 aircraft, 4 B788 aircraft, and 4 B789 aircraft. The Company expects to retire 75 mainline aircraft, including 4 A320 aircraft, 13 B757 aircraft, 14 B763 aircraft and 44 MD80 aircraft. In 2016, the Company expects to add 60 regional aircraft, including 18 CRJ700 aircraft, 18 CRJ900 aircraft and 24 E175 aircraft. The Company expects to retire 8 CRJ200 aircraft and 5 Dash 8-100 aircraft and place in temporary storage 1 ERJ140 aircraft.

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AAL American Airlines
$38.89

1.16 (3.07%)

09/21/16
RAJA
09/21/16
DOWNGRADE
RAJA
Market Perform
American Airlines downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Savanthi Syth downgraded American Airlines to Market Perform due to relative valuation and lowered estimates to reflect the new mechanics contract.
09/21/16
09/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Neutral from Overweight at JPMorgan with analyst Vivek Juneja saying the "tough" Senate hearings and "mounting public scrutiny" will likely result in additional investigations that could pressure expenses. 2. Skechers (SKX) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Jay Sole saying he believes consumers shift towards pure fashion styles and away from athletic footwear is causing Skechers to adjust assortment, resulting in slower sales growth. 3. American Airlines (AAL) downgraded to Market Perform from Outperform at Raymond James analyst Savanthi Syth citing relative valuation and lowered estimates to reflect the new mechanics contract. 4. Boston Beer (SAM) downgraded to Underperform from Market Perform at Cowen with analyst Vivien Azer citing its string of disappointing monthly Nielsen data and structural headwinds to the company's core assets, which present meaningful earnings risk. 5. Children's Place (PLCE) downgraded to Neutral from Overweight at Piper Jaffray with analyst Stephanie Wissink saying the firm's recent survey of moms pointed to a "step down" in mindshare. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
BERN
10/10/16
INITIATION
Target $31
BERN
Underperform
American Airlines initiated with an Underperform at Bernstein
Bernstein analyst David Vernon initiated American Airlines with an Underperform and a $31 price target.
10/11/16
BERN
10/11/16
INITIATION
BERN
Airlines initiated at Bernstein
Bernstein analyst David Vernon initiated coverage of the U.S. airline sector, saying that he is "bullish on the sector" and asserting that it has "favorable..dynamics." He expects the sector's stocks to have "higher average highs and higher average lows over time," driven partly by its investments in return enhancing programs, revenue enhancing initiatives, and "a stronger outlook for longer term capital return" which isn't reflected in valuation, according to the analyst. Vernon recommends owning airlines that have "less financial and operating leverage." He says that he is "favorably disposed" to Southwest (LUV) and Delta Air Lines (DAL), which he says have high returns and low leverage, and is less upbeat on United Continental (UAL), which he says has higher operating leverage and execution risk. He is bearish on American Airlines (AAL), as he thinks that its capacity growth and financial leverage create significant risk. The analyst started coverage of Southwest with an Outperform rating and a $51 price target. He initiated coverage of Delta and United Continental with Market Perform ratings and $43 and $55 price targets, respectively. He launched American with a $31 price target and Underperform rating.

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SPY

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WMT

Walmart

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0.29 (0.28%)

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WLFC

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DPS

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T

AT&T

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CELG

Celgene

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VALU

Value Line

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