Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of AMR (NYSE: AMR), parent of bankrupt American Airlines, soared as much as 28% in early trading but gave up most of that gain by the closing bell. The stock finished up 3%.

So what: While analysts are touting the opportunity AMR's bankruptcy represents for peers US Airways (NYSE: LCC), Delta (NYSE: DAL), and United Continental (NYSE: UAL), investors were encouraged by American's initial cost-saving moves -- including a plan to surrender 24 shorter-haul aircraft to save on leases and storage.

Now what: American also plans to shed leases for space at Chicago's Midway airport and a base station in Kansas City, Mo., Reuters reported. Smart. Both American and United already call Chicago's O'Hare a hub, which makes Midway overflow. Yet I'm also not sure it matters. AMR's bankruptcy is likely to cancel the shares -- any play on them now is a sure loser unless you're buying to flip. Do you agree? Did you buy today? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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