American Airlines plans another $1b stock sale after big rally

American Airlines authorized the sale of another $1b in stock, the carrier said in a filing Friday, an effort to shore up cash as Covid-19 continues to depress travel demand. American authorized a $1b stock sale in October and sold $882.4m at $12.87 a share. Under the new agreement, it would sell up to $1.12b. American’s decision comes on the heels of a sharp rally in its stock price earlier this week after it was mentioned in the popular WallStreetBets Reddit forum. The airline declined to comment on whether the stock move factored into its decision. The carrier is the most-shorted US airline. American’s shares fell more than 5% on Friday to $17.17, but ended the week up 8.5%. Other airline stocks fell this week.<br/>