Wanna be an Alchemist

Question

Wanna be an Alchemist

I've been watching Full Metal Alchemist these past days and I've been wondering, It is really possible to trans-mutate matter? In the real world, I don't know if it is possible, but in the machine world, we think we "can".

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Problem

Your task is, Given an input of N chemical elements (K, Mg, C, O, etc...), you are going to:

1. Get the first letter of the element
2. Convert that letter into binary
3. Rotate 2 bits to the right
4. Apply Binary Addition
5. If the result is more that 8 bits then get the one's complement of the result and removes the highest bit
6. Output the ASCII (ISO 8859-1) representation of the result

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Example

Given Chemical Elements: (K, Ca, Mg)

1. Get the first letter of the element

K, C, M

2. Convert that letter into binary

K => 01001011, C => 01000011, M => 01001101

3. Rotate 2 bits to the right

K => 11010010, C => 11010000, M => 01010011

4. Sum bits

   K => 11010010 + C => 11010000 + M => 01010011 = 111110101

5. If the result is more that 8 bits then get the one's complement and removes the highest bit

00001010

6. Output the ASCII representation of the result. Result:

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Test Cases

(H, Mn, C) =>  Ê

(I, H, Se) =>  Ç

(K, Ca, Mg) => 

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This is code golf so the shortest answer wins

Answer 1

Python 2, 78 bytes

e=sum(ord(e[0])/4+ord(e[0])%4*64for e in input());print chr([e,~e][e>255]%256)

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-8 bytes thanks to Jonathan Frech

Answer 2

Perl 5, 44 bytes

$n+=257*ord>>2&255}{$_=chr($n>>8?~$n%256:$n)

Try it online!