US Air, American select new stock symbol

US Airways and American Airlines have selected a new joint symbol for the NASDAQ stock exchange.

The announcement comes days after the Department of Justice dropped a lawsuit against the airlines' proposed merger, clearing the way for their combination as early as next year.

The airlines announced they would use the symbol "AAL" on the NASDAQ exchange after their merger becomes official.

Previously, American used the symbol "AMR" and US Air used the code "LCC."

ADVERTISEMENT
Officials from both airlines hailed the new joint stock market ticker symbol as a significant step in their movement toward becoming one airline.

"Today we moved another step closer in our preparations to launch the new American Airlines," American CEO Tom Horton said in a statement. "NASDAQ offers a most advanced trading platform driven by innovation and efficiency — qualities that complement the new American." 

"We are very excited about the listing of our shares on the NASDAQ Global Select Market," US Airways CEO Doug Parker added. "The combined airline will have a strong financial foundation and is poised to deliver significant value to shareholders as a result of its robust global network. We are excited about what's ahead for the new American and what we will be able to deliver for our investors, customers, employees and other stakeholders."

The combined airline will be known as American Airlines, and it will largely be run by US Air's leadership, with Parker at the helm.

A bankruptcy judge is scheduled to review the deal with the Justice Department in a hearing that has been set for next Monday. American had been in the midst of a bankruptcy reorganization before the agreement to merge with US Airways was announced.

The Justice Department had argued that the potential combination of US Airways and American would violate federal antitrust rules before it agreed to a settlement with the companies last week.

Under the deal to allow the airlines' merger, the companies are being required to give up 54 pairs of flights — to and from destinations — at Washington, D.C.'s Reagan Washington National Airport and 17 route couples at New York's LaGuardia Airport.

Justice is also requiring US Airways and American Airline to continuing operating hubs out of airports in Dallas, Phoenix, Philadelphia,  Miami, Chicago, Los Angeles, New York and Charlotte for at least three years.

Officials from US Airways and American said last week that the value of their proposed combined airline had increased from $11 billion when the merger was first announced in February to $17 billion now.