American Airlines Lowers 2Q Forecasts, CCO Resigns

American Airlines has lowered its second-quarter financial forecasts and announced the departure of its Chief Commercial Officer, Vasu Raja. The airline now expects adjusted earnings per share between $1 and $1.15, down from a previous forecast of $1.15 to $1.45. This news led to a 14% drop in American Airlines' shares and declines in other airline stocks. The company also reversed a recent policy change regarding its AAdvantage loyalty program after customer backlash.