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U.S. stocks close down on news of Biden tax proposal
By Herbert Lash
Reuters
NEW YORK (Reuters) -U.S. stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax, news analysts said provided an excuse to take profits in a directionless market ahead of big tech s earnings next week.
The three main indexes on Wall Street also fell on reports that Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress. If it had a chance of passing, we d be down 2,000 points, said Thomas Hayes, chairman and managing member at hedge fund Great Hill Capital LLC.
American Airlines Group Inc. today reported its first-quarter 2021 financial results, including:
First-quarter revenue of $4.0 billion, down 53% year over year on a 39% year-over-year reduction in total available seat miles (ASMs).
First-quarter net loss of $1.3 billion, or ($1.97) per share. Excluding net special items
1, first-quarter net loss was $2.7 billion, or ($4.32) per share.
Raised $10 billion through debt offering backed by the AAdvantage program and used a portion of the proceeds to prepay in full the secured loan from the U.S. Department of the Treasury.
Ended the first quarter with approximately $17.3 billion of total available liquidity. Company expects to end the second quarter with approximately $19.5 billion in total available liquidity.
American Airlines said Thursday that it lost $1.25 billion in the first quarter and continued to slash costs, including delaying delivery of new jets as it waits for air travel to recover from the pandemic.