Happy Friday! In today’s email:

• Spirit Airlines May Be Filing For Bankruptcy

• Huge Jobs Report Data Released Today

• October = Volatility

• Stock Market Recap For The Week (Week return as of Friday, October 3rd)

  • S&P 500 = -0.47%

  • Nasdaq = -0.85%

  • Dow Jones = -0.66%

Spirit Airlines May Be Filing For Bankruptcy

On Thursday, October 3rd, the Wall Street Journal reported “Spirit Airlines has been in talks with bondholders over the terms of a potential bankruptcy filing… According to the report, Spirit had been exploring ways to restructure its balance sheet with an out-of-court transaction, but recent talks shifted to reaching an agreement with bondholders and creditors related to a chapter 11 filing.” (1)

This news comes shortly after the $3.8B merger was blocked between Spirit Airlines & JetBlue. “The Justice Department sued to block the merger last year, saying it would reduce competition and drive up fares, especially for travelers who depend on low-fare Spirit. In January, a federal district judge in Boston sided with the government and blocked the deal, saying it violated antitrust law.” (2)

After the news, Spirit Airlines stock (SAVE) dropped 30% after hours.

2024 YTD, SAVE is down 89%…

It will be interesting to watch if Spirit Airlines can recover from the string of bad events & turn a profit, which they haven’t been able to do since the pandemic.

^{_{(1) https://skift.com/2024/10/03/spirit-in-talks-with-bondholders-over-potential-bankruptcy-filing/}}

^{_{(2) https://apnews.com/article/jetblue-spirit-merger-court-airline-2d9a640e7f7ecb87d5f60c1cbffbc163}}

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Huge Jobs Report Data Released Today

The major indices rallied today after data showed non-farm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000.

The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

This brings confidence in the economy & equities, which is the reason for the major indices being green on Friday, October 4th.

October = Volatility

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