NEW YORK, June 8, 2026, 06:03 (EDT)
American Airlines Group Inc (AAL.O) started Monday with investors focused again on fuel costs and a possible United Airlines merger looking off the table. Those two issues left the stock moving with the sector’s broader pressures, instead of just trading on summer demand hopes.
American shares finished Friday at $13.50, gaining 1.5% for the day but still off roughly 5.9% from the $14.34 close the previous Monday, according to LSEG price data. Trading picked up on Friday, with 106.1 million shares changing hands, the highest volume of the week.
Timing is key here. The stock in question moved before the regular Nasdaq session opened in New York. Nasdaq lists its main hours as 9:30 a.m. ET to 4 p.m., with pre-market trading kicking off at 4 a.m. and running up until the open. Liquidity is usually thinner before the bell, so prices can swing more with fewer buyers and sellers on hand.
United CEO Scott Kirby told Reuters on Sunday the airline could still look to buy airport slots, gates or other assets from weaker carriers if high fuel prices push them to sell. But a big merger is off the table for now after American passed on talks. “Consolidation is a low probability,” Kirby said, and stressed any deal needs “a willing partner.” Reuters
American Airlines CEO Robert Isom shot down a possible United partnership, telling Reuters it was anti-competitive and would hurt customers. United CEO Scott Kirby’s latest comments didn’t revive talk of a deal, but kept the spotlight on how top U.S. carriers could respond if fuel costs force changes in the industry.
Oil stayed tough for investors. Brent crude futures were up $4.42, or 4.47%, at $97.15 a barrel by 0609 GMT Monday on news of new Israeli strikes on Iran and more attacks in Lebanon, according to Reuters. For airlines, higher fuel eats straight into margins unless fares go up or capacity drops.
American had told investors about pressures earlier. On its April earnings call, CFO Devon May said it was looking for fuel costs to jump more than $4 billion from last year. For the second quarter, fuel was expected to be around $4 per gallon, with adjusted earnings per share seen between a loss of 20 cents and a gain of 20 cents.
American has pushed to recapture fuel costs, meaning it wants to offset higher fuel prices with either stronger revenue or cutting back on unprofitable flights. May said after the summer, American will be “sharp with capacity,” meaning the airline is watching how many flights and seats it runs. American Airlines
Demand is the other part of the picture. In April, Isom told investors that demand for American’s product “continues to grow.” The company reported a 10.8% jump in first-quarter revenue to a record $13.9 billion, but still booked a GAAP net loss of $382 million. American Airlines Newsroom
American is touting its summer bookings. The airline said in May it expects to fly 75 million customers on 750,000 flights between May 21 and Sept. 8, calling it its biggest-ever summer schedule.
But the risk is clear. If oil holds around $100 or jet fuel gets pricier than ticket prices can keep up, American might have to cut back on flights or settle for slimmer profits. Its balance sheet is also tight for a company facing a fuel spike. American finished the first quarter with $34.7 billion in total debt, although the company said that’s the lowest since mid-2015.
Pressure on the sector isn’t limited to American Airlines. Willie Walsh, director general of the International Air Transport Association, told Reuters on Saturday that high fuel costs might force some airlines out of business and could lead to more deals. Rystad Energy’s Jorge Leon said the latest OPEC+ production increase would have an almost zero physical effect. American’s shares start the week as usual: strong travel appetite, little cost clarity, and no obvious merger narrative.
