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US Airways Flies To Near 7 Year Highs Ahead of News Conference on Merger With AMR

By: MT Newswires
Posted: 10/1/2013 1:05:00 PM
Referenced Stocks: AAMRQ;LCC

Shares of US Airways Group Inc. ( LCC ) and AMR Corp. ( AAMRQ ) gained Tuesday after AMR said there would be a news conference later in the day on their planned merger.

A Tuesday release from AMR said the operator of American Airlines, along with US Airways and Texas Attorney General Greg Abbott will announce "an important development related to the merger of the two airlines" at a news conference at 3 p.m. ET.

US Airways shares were up 3.4%, or 65 cents, to $19.61, after setting a new 52-week high at $19.85 earlier in the trading session. That 52-week high represents the stock's highest level since December 2007.

The Wall Street Journal reported the U.S. government may not immediately pursue its planned attempt to challenge the merger of the two airlines due to a lack of funding related to the partial shutdown of its activities.