Tuesday's Early Winners & Losers
US Airways Group (LCC) recouped about half of its Monday losses after it announced impressive operational performance for the traditionally busy Thanksgiving weekend.
The Tempe, Az.-based carrier said it completed an average of 99.6% of its flights from Wednesday through Sunday, that 78.7% of them were on time, and that it mishandled only 6.02 bags for every 1,000 passengers. US Airways celebrated by granting each of its employees a one-time bonus of $50. This will cost the company $1.8 million, but shares were still up $1.82, or 3.1%, to $60.98.
Biotech MannKind (MNKD) fell after it announced an offer to sell 17.5 million of its shares and $100 million in senior convertible notes. The Valencia, Calif.-based company said underwriters have reserved up to half of the offering, dependent upon market conditions, for sale to Chief Executive Officer Alfred E. Mann. Shares were down 71 cents, or 4.1%, to $16.49.
Cytokinetics (CYTK) slid after the South San Francisco, Calif.-based company announced it amended its agreement with GlaxoSmithKline and will now absorb the costs associated with developing two kinesin spindle protein inhibitors. The biopharmaceutical company accordingly cut its full-year 2006 revenue guidance to a range between $3 million and $4 million. Shares were down 29 cents, or 4%, to $7.00.
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