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American Airlines Stock Just Soared 41% for No Good Reason

TheMotleyFool

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American Airlines Stock Just Soared 41% for No Good Reason

So far, 2020 has been an awful year for American Airlines (NASDAQ: AAL). The COVID-19 pandemic caused demand to plunge to nearly zero beginning in March. As a result, American -- which had hoped to start paying down its massive debt load this year -- has instead been bleeding cash rapidly. Meanwhile, American Airlines' stock price has plunged, bottoming out at $8.25 in mid-May.

Since then, American Airlines' share price has been recovering gradually, reaching $11.85 by the end of trading on Wednesday. The stock proceeded to go on a tear on Thursday, surging as much as 53% before pulling back to end the day up "only" 41%.