[ad_1]
Beware of Spirit Airlines (SAVE) today. The firm may file for bankruptcy following its failure to merge with JetBlue Airways (JBLU). SAVE stock will drop by at least 30% when the market opens.
In March, the two firms canceled the merger agreement. The courts ruled against the $3.8 billion deal, citing anti-competition concerns.
The airline industry is out of favor. American Airlines (AAL) lost its membership to the S&P 500 (IVV) on September 23, 2024. The index moved AAL stock to the mid-cap S&P 400 index instead.
Traders will watch for the major indices to bounce back today. The decline in Thursday’s trade eased in the last half hour of trade. The Nasdaq (QQQ) and S&P 500 weakened after Tesla’s (TSLA) CIO announced his departure, days before the robotaxi announcement set for next week.
CIO Nagesh Saldi, who was responsible for Tesla’s data centers, will leave the firm after working there since 2012. He was a VP of Engineering, who was promoted to the CIO position in 2018. The timing of the exit is worrisome. Tesla, which does not yet have full self-driving software in its vehicles, plans to offer self-driving robotaxis.
In the beverage market, be wary of Constellation Brands (STZ). The stock lost nearly 5% on Thursday after reporting quarterly results. It affirmed its sales and profit forecast for FY 2025. The firm took a $2.5 billion write-down in the quarter.
[ad_2]
