A spokeswoman for Qatar declined to comment.

The public disclosure that Qatar said changed its position on a possible investment was an apparent reference to Americans second-quarter financial performance, which the airline released on Friday.

American reported sales grew more than 7 percent, to $11.1 billion, in the latest quarter compared with the previous year. But profits fell 16 percent for the quarter to $803 million, in part because of rising labor costs.

Despite that drop, many stock analysts expressed optimism about the companys future. Helane Becker, an airline analyst at Cowen, elevated the firms stance on shares in American, describing the airlines outlook for next year as compelling in a research note.

Had it continued trying to obtain 10 percent of American, Qatar would have faced several hurdles. The carrier planned to build the stake by buying shares in American on the market, but Americans board has the ability to forbid any one shareholder from owning more than 4.75 percent of its stock.

American was clear from the outset that it wanted to limit the investment.

Doug Parker, Americans chief executive, said in June he was bewildered by Qatars decision to build a stake in his company and told employees that American would continue pressing its case to lawmakers that Qatar is the beneficiary of illegal subsidies.

American reinforced its skepticism of the deal in July, when the company announced it would terminate its code-share agreements with Qatar and Etihad Airways, another one of the Gulf carriers. Code sharing allows airlines to sell flights that are operated by partners.

In addition, the deal faced a review from antitrust officials in Washington and potentially other federal regulators as well. A spokesman for the Justice Department declined to comment, as did a spokeswoman for the Federal Trade Commission.

Qatar promised to be a passive investor in American and said it was drawn to the company by its business fundamentals. Yet many analysts saw ulterior commercial and diplomatic motives at play in the companys interest in American.

Will Horton, senior analyst at CAPA-Center for Aviation, an industry research firm, said in an email that Qatar pursued American because it wanted to replicate partnerships that Emirates, another carrier based in the Gulf, has established with JetBlue Airways and Alaska Airlines.

Those deals provide incentives for customers on the domestic carriers to take Emirates for international trips, and for travelers on Emirates to use JetBlue and Alaska for trips within the United States.

Qatars immediate priority is to find partnerships with North American airlines that will give access to all the smaller destinations Qatar wont fly to, Mr. Horton said.

Other analysts viewed Qatars desire to invest in American in a more political lens. For months, the government of Qatar has been embroiled in a standoff with four of its neighbors in the Middle East over accusations that it supports terrorists.

Hunter Keay, an airline analyst at Wolfe Research, wrote in a research note in June that a deal with American and other purchases of products from the United States could help it fend off further isolation.

Buying Boeing jets and the stake in American intertwines Qatar with U.S. interests a bit more, making it theoretically more difficult for U.S. regulators to impose trade restrictions, Mr. Keay wrote.

Despite its reversal on American, Qatar vowed to keep looking for deals in the United States.

In its statement Wednesday, the airline promised to continue investigating alternative investment opportunities in the United States of America and elsewhere that do meet our objectives.

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Qatar Airways Drops Plans to Invest in American Airlines - New York Times