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TRANSPORTATION
Upgrade lifts American Airlines
American Airlines' parent AMR surged 5% to 13.51 after Lehman Bros. upgraded its rating to positive, citing expectations that airlines will reduce capacity, bolstering their pricing leverage. Other carriers also posted strong gains, with Mesa Air rising 4% to 11.28, SkyWest climbing 4.5% to 29.31 and AirTran Holdings rising 4% to 14.96.
** RailAmerica rose 3.5% to 11.85 after reporting 20 cents a share profit for Q3, in line with views and 42.9% over the year-ago profit. Revenue rose 13% to $112.5 mil.
MEDIA
Case leaves Time Warner board
The co-founder of AOL and architect of the AOL-Time Warner deal resigned from Time's board of directors. Time Warner agreed to pay $510 mil to settle shareholder lawsuits and regulatory ...