2011《财富》美国500强10大烂股

第2名：AMR航空

    交易代码: AMR

    年初至今股票表现: -92%

    市值: 2.20亿美元

    财富500强排名: 118

    若论表现差的话，恐怕没有比破产更糟的了。

    由于市场份额向竞争对手联合大陆航空（United Continental）和达美航空公司（Delta Airlines）流失，美国航空公司（American Airlines）的母公司AMR 11月份提交了Chapter 11破产申请。达美航空此前已经在破产法庭完成了重组。

    AMR新任命的首席执行官托马斯•霍顿称，公司曾竭力避免破产。但他补充说，成本压力已变得“难以承受”。

    除了处于竞争劣势，美国航空还面临燃油价格上涨、商务乘客流失和工会谈判严峻等挑战。

    虽然美国航空2006年时还是全球最大的航空公司。但鉴于经济前景黯淡，晨星公司（Morningstar）分析师巴斯利•阿鲁克斯认为，即使该公司能从破产中重新站起来，也不太可能持续运营下去。

    阿鲁克斯在一份研究报告中写道，美国航空具有业内“最高的成本结构”，他提到了低成本竞争对手的崛起，以及由于美国航空的机组机龄渐老，员工生产率和飞行小时数都在下降。

AMR

    Ticker: AMR

    YTD stock performance: -92%

    Market cap: $220 million

    Fortune 500 rank: 118

    When it comes to poor performance, it's hard to top bankruptcy.

    American Airlines parent AMR filed for Chapter 11 in November, after losing ground to competitors United Continental and Delta Airlines, which had already restructured in bankruptcy court.

    Thomas Horton, the airline's newly appointed CEO, said American had tried to avoid bankruptcy. But the cost pressures had become "untenable," he added.

    In addition to being at a competitive disadvantage, American was hurt by increased fuel prices, a loss of business travel customers and tough labor union negotiations.

    American had been the world's largest airline as recently as 2006. But given the darkening economic outlook, the airline is not likely to survive as a `going concern' even after emerging from bankruptcy, according to Morningstar analyst Basilli Alukos.

    American has the industry's "most exorbitant cost structure," Alukos wrote in a research report, citing the rise of low cost competitors, as well as declines in workforce productivity and flight hours due the company's aging fleet.