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President Jeff Smisek, who is set to become CEO in January, called the financial results disappointing, but said the airline had performed well. Nearly 83 percent of its flights arrived on time, and in one stretch the airline went 32 days without a flight cancellation. Like other airlines, Continental also raised cash over the summer to prepare for the slower winter season, when carriers usually spend more money than they take in. Continental had $2.54 billion in unrestricted cash as of Sept. 30 after raising money by issuing new stock and mortgaging aircraft. Next week, Continental plans to end its participation in a global airline group that includes Delta and will join United and Germany's Lufthansa in the Star Alliance. For Continental customers, the shift means learning a new lineup of airlines on which they can earn frequent-flier miles. Continental shares nearly doubled during the third quarter, as airline stocks rallied on hopes that a travel recovery would soon begin. The shares closed Tuesday at $15.92, up 23 cents on the day.
[Associated
Press;
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