"Regarding rumors and speculation about a court-supervised restructuring, that is certainly not our goal or our preference," the company said. "We know we need to improve our results, and we are keenly focused as we work to achieve that." AMR shares were surging 9.6% to $2.17 in premarket trading Tuesday.
NEW YORK ( TheStreet) -- As bankruptcy chatter swirls around the company, AMR ( AMR), the parent of American Airlines, said it is strongly opposed to filing for bankruptcy and has $4.2 billion in unrestricted cash.
Deutsche Bank ( DB) said Tuesday it wouldn't achieve its target of 2011 pretax profit from its core businesses of €10 billion ($13.21 billion). The bank also said it would cut 500 jobs, mostly outside Germany. Shares were tumbling 3.6% to $31.64 in premarket trading Tuesday.
UBS ( UBS), the Swiss bank, expects to record a modest third-quarter profit despite losing $2.3 billion from a rogue trade last month. The bank said it expects to record credit gains of about 1.5 billion Swiss francs ($1.6 billion), and record a profit of 700 million francs from the sale of treasury-related investments in its wealth management and Swiss bank units. Shares were gaining 2.3% to $10.80.
Bank of America ( BAC), JPMorgan ( JPM) and Wells Fargo ( WFC) are included in the group of mortgage servicers that may end up with $13.5 billion in expenses if the Federal Housing Administration turns down insurance claims on bad loans, according to FBR Capital Markets. Separately, Bank of America plans to shutter its correspondent-mortgage unit after unsuccessful talks with a bidder. Bank of America shares were falling 2.2% to $5.41; JPMorgan shares were tumbling 2.1% to $28.05; and Wells Fargo shares were down 1.6% to $22.80.
Fast-food chain operator Yum! Brands ( YUM) is expected by analysts to report third-quarter profit of 83 cents a share after the markets close Tuesday vs. 73 cents a share a year ago. Shares were down 1.8% to $47.57.
Ford ( F) and the United Auto Workers said they have reached a tentative contract agreement. Both the automaker and the union said early Tuesday they have scheduled late morning news conferences to discuss details of the deal. Ford shares were falling 1.2% to $9.26.
Telecom giant Sprint ( S) is reportedly spending a fortune to get Apple's coveted iPhone. Sprint shares were up 1.1% to $2.76.
Apple ( AAPL) investors are confident that the iPhone 5 will help the gadget maker (and its new CEO Tim Cook) shine through gloom enveloping much of the tech sector. Apple is expected to launch the iPhone 5 Tuesday. Separately, Apple on Tuesday rejected Samsung's offer to settle their patent dispute in Australia, meaning it's likely Samsung won't be able to launch its Galaxy 10.1 tablet in that market in time for Christmas. Shares of Apple were down 0.4% to $373. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.