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After being one of the biggest turkeys of the year, AMR Corp. (NYSE:AMR) has filed for bankruptcy, becoming the final large US full-share airline to seek court protection from creditors. After failing to secure cost-cutting labor agreements and sitting out a round of mergers, American went from being the world’s largest airline to number 3 in the U.S. In filing for Chapter 11 in U.S. Bankruptcy Court in Manhattan today, American listed $24.7 billion in assets and $29.7 billion in debt. Competitors include: Southwest Airlines (NYSE:LUV), JetBlue (NASDAQ:JBLU), and United Continental Holdings, Inc. (NYSE:UAL).
Despite reporting a 63% increase in third quarter earnings, shares of Tiffany & Co.’s (NYSE:TIF) are down almost 8% before the opening bell. The company reported a profit of $89.7 million (70 cents per share), compared to $55.1 million (43 cents per share) last year.
Shares of Hewlett-Packard (NYSE:HPQ) popped 1% before the open, as shares were upgraded to outperform from sector perform at RBC Capital Markets. The firm said, “We are incrementally confident that HP should meet expectations and likely deliver upside to consensus estimates.” Competitors include: Microsoft (NASDAQ:MSFT), Dell (NASDAQ:DELL), and Apple (NASDAQ:AAPL).
Apple (NASDAQ:AAPL) is edging slightly lower early Tuesday. Susquehanna Financial Group lowered its production estimates for the company’s iPhone due to supply constraints and for desktop and laptop computers because of a shortage of hard disk drives. The supply constraints from Thailand flooding is also expected to affect Advanced Micro Devices Inc. (NYSE:AMD) and Intel Corp. (NASDAQ:INTC).
Don’t Miss: Apple Throws Water on Amazon.
Yahoo! (NASDAQ:YHOO) is bouncing 1.8% in early trading on more buyout rumors. According to Reuters, Thomas H. Lee Partners is interested in buying the U.S. operations of Yahoo, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giant’s partners in Asia, sources familiar with the matter said.
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