Fidelity Investments, the largest
U.S. mutual fund manager, spent more than $250 million buying
shares of AMR Corp. and Continental Airlines Inc. during the
second quarter as more people resumed travel after the war in
Iraq ended and the outbreak of a deadly lung disease eased.
The Boston-based company bought 20.6 million shares of AMR,
American Airlines’ parent, for about $188 million, according to a
filing with the Securities and Exchange Commission. Fidelity
spent another $63 million for 4.7 million Continental shares.
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Fidelity built up a 13 percent stake in AMR, which averted
bankruptcy in April, and owned 7.2 percent of Continental, the
fifth-biggest U.S. carrier, as of June 30.
Bloomberg News
