Shares of American Airlines Group Inc. surged 3.3% in premarket trade Tuesday, after the air carrier raised its third-quarter growth outlook for total revenue per available seat miles (TRASM) to a range of 0.5% to 1.5% from the previous guidance range of flat to up 1.0%. The company now expects pre-tax margin, excluding special items, of 9.0% to 11.0% from 8.5% to 10.5%. Capacity for the third quarter is expected to be 64.6 billion available seat miles, up from 63.5 billion ASM in the sequential second quarter, then fall to 58.9 billion ASM in the fourth quarter. The company said it spent $362 million to repurchase 7.7 million shares during the third quarter. The stock has lost 3.9% over the past three months through Monday, while the NYSE Arca Airline Index has shed 6.8% and the S&P 500 has gained 4.8%.
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