I agree with airwolf, though I'd add increased oil prices as another factor in the pull back. Oil moved above $60 a barrel again today for the first time in a while, and skyw isn't the only one in the industry to have lost a couple percentage points or more today. Again, going with airworlf, I wouldn't expect much until there's some measure of certainty in the outcome of the Delta ordeal.
2 negatives for skyw right now. the first is the increased float, which dilutes existing shareholders. it decreases each shareholders piece of the earning's pie. the second is the threat of a strike by the delta pilots. if the pilots do strike, delta will liquidate and skyw will lose a big chunk of business. i believe it is called a "material adverse effect." my take on both. first, the skyw shareholders have done well by this management team, so give them the benefit of doubt. if they feel they have good use for the money, go for it. the delta pilots are trickier. the strike vote is to convince management to negotiate. the results of the vote will be in the high 90s authorizing the union leadership to call a strike. the pilots will hope they do not have to strike. they understand the outcome. not good for anyone except the competition. my guess is a compromise.