AMR – AMR Corporation – A number of bullish tactics were employed on the operator of American Airlines this afternoon with shares of the Fort Worth, TX-based company increasing as much as 4.50% to touch an intraday high of $6.50. Plain-vanilla call buyers placed outright bullish bets on the stock, while others appear to have implemented more cautiously optimistic strategies. Traders hoping to see the price of the underlying stock extend gains through September expiration purchased some 3,100 calls at the September $7.0 strike for an average premium of $0.03 each. Meanwhile, bulls with a slightly longer time horizon looked to the October $7.0 strike where approximately 7,200 call options were picked up for an average premium of $0.22 a-pop. Investors holding these contracts are poised to profit should AMR Corp.’s shares surge 11.0% in the next several weeks to trade above the average breakeven price of $7.22 by October expiration. The purchase of 11,250 puts at the October $6.0 strike at a premium of $0.23 apiece appears to be the work of an investor engaging a delta neutral hedge. If this is the case, the trader has purchased a large chunk of AMR shares in combination with an equally offsetting number of puts. The puts serve to protect the value of the underlying stock position in case the airline operator’s shares falter ahead of expiration. The investor, in this scenario, would optimally like to see AMR’s shares continue to climb higher.