What to Watch Friday: American Airlines Earnings, New Home Sales

For Friday July 24, TheStreet awaits quarterly financial results from Biogen (BIIB), AbbVie (ABBV), American Airlines Group (AAL), and Spirit Airlines (SAVE).

For Friday July 24, TheStreet lines up the key earnings reports and some economic data to watch on Wall Street. We wrap up the busiest week in this earnings season with four more notable companies. In the morning, keep an eye on financial results from Biogen (BIIB), AbbVie (ABBV), American Airlines Group (AAL), and Spirit Airlines (SAVE) before the opening bell. American Airlines is expected by Wall Street analysts to report a profit of $2.60 a share on sales of $10.86 billion for its latest quarter, according to data compiled by Thomson Reuters. Analysts are forecasting a yearly increase in profit, but a year over year decline in revenue. In the same quarter of last year, the carrier earned $1.98 a share on revenue of $11.36 billion. Earlier this month, American lowered its 2015 capacity growth guidance to 1% from 2% in 2015. The company is expecting full-year domestic capacity to increase between 1% to 2%, while international capacity is forecast in rise about 1%. Additionally, American said it expects second quarter PRASM, or passenger revenue per available seat mile, to decline between 6% to 8%. TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says he's watching the airline group which is ‘on fire.’ With good reports out of both Delta Air Lines (DAL) and Southwest Airlines (LUV), Cramer thinks Friday's earnings from American and Spirit will help 'tell the tale' for the industry. American Airlines provides scheduled jet services to about 160 destinations throughout North America, the Caribbean, Latin America, Europe and Asia. The company is based in Fort Worth, Texas. On the economic calendar, we note key data including the flash reading of the PMI flash manufacturing index, and new home sales. TheStreet's Kurumi Fukushima reports in New York.