Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, December 8, 2013

Supreme Court justice denies stay in airline merger, (NYSE: LCC)

A U.S. Supreme Court justice on Saturday night denied a last-ditch effort by a group of consumers and travel agents to stop the merger of American Airlines and US Airways.The application was denied by Justice Ruth Bader Ginsburg, the court's public information office said.The combination of American's parent, AMR Corp, and US Airways Group would create the world's largest carrier and follow last month's resolution of antitrust objections by the U.S. Department of Justice.In their appeal to the Supreme Court, plaintiffs led by California resident Carolyn Fjord warned that "irreparable injury" could be caused to the domestic airline industry if the deal goes ahead as planned. They fear the merger will drive air travel prices up and service down and make planes more crowded.

US Airways Group, Inc. (US Airways Group) is a holding company whose primary business activity is the operation of a network air carrier through its wholly owned subsidiaries US Airways, Piedmont Airlines, Inc. Shares of LCC traded higher by 0.89% or $0.2/share to $22.55. In the past year, the shares have traded as low as $12.60 and as high as $25.49. On average, 8551170 shares of LCC exchange hands on a given day and today's volume is recorded at 28366610.