American Airlines Group Inc. (NASDAQ:AAL) has pledged a $1 billion investment in the Miami International Airport to build a new three-level concourse D extension, facilitating larger aircraft.
Breaking Ground In 2027
In an official statement released by the airline on Wednesday, American outlined its vision for the new Concourse D, which can accommodate larger aircraft and eliminate outside boarding, as well as boast 17 new gates.
The revamped area will also be able to facilitate international travel in the future with direct access to the airport’s customs hall, the statement said. The project is set to break ground in 2027.
“The brand-new, reimagined D60 is a transformational project that will provide a much-improved experience for our customers and our team,” American Airlines CEO Robert Isom said in the statement.
Rising Oil Prices Lead To AAL Dip
American Airlines recently recorded a dip in its stock price as rising crude oil prices proved to be a headwind for the flight operator. Jet fuel costs are one of the most volatile expenses for the airline as uncertainty over crude oil prices continues to loom amid rising tensions between Washington and Tehran.
DHS’ PreCheck Chaos
The Department of Homeland Security (DHS) had earlier suspended the Transportation Security Administration‘s (TSA) PreCheck and Global Entry programs as it deals with a lack of funding amid the ongoing partial government shutdown. Following backlash from industry stakeholders, experts and customers, however, the DHS reinstated the PreCheck facility.
The lack of funding comes as lawmakers disagreed on funding for the agency following multiple fatal shootings involving Immigration and Customs Enforcement (ICE) agents. ICE functions under the DHS.
Benzinga Edge Rankings show that American Airlines scores poorly on the Momentum and Growth metrics, but offers a positive price trend in the Long term.
Price Action: AAL surged 1.29% to $13.32 at Market close on Wednesday, and further surged 0.08% to 13.33 during the overnight trading session.
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