"Blended" travel at American Airlines is trending down and approaching its historical level, potentially undermining one element of a narrative about why the company changed just about everything it does with the managed corporate travel market. Some of its arguments about how the market has changed met with skepticism. That doesn't mean it's going to relent — probably.

"If there are changes we need to make, we're going to do it," CEO Robert Isom told Wall Street analysts last week, referring to relationships with corporate clients. "But right now, more than anything else, what we . . .

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