American Airlines is closing in on a...

American Airlines is closing in on a deal to buy as many as 100 Boeing 757 jets for as much as $4.2 billion to replace aging 727s, company officials say. Robert Crandall, chairman and president of American and its parent company AMR Corp., told shareholders at the company’s annual meeting that the airline plans to use the jets to expand its fleet and phase out 34 727-100s and 125 727-200s. Crandall added that American would be following the lead of other carriers by reducing or canceling the most expensive parts of its frequent-flyer program. He was not specific about changes.