Why Spirit Airlines Stock Is Losing Altitude Today
Spirit Airlines (NYSE: SAVE) warned that sluggish demand and issues with its fleet would suppress second-quarter revenue. Investors were disappointed, sending Spirit shares down 9% as of 10:15 a.m. ET.
Spirit Airlines faces one of the most challenging sets of circumstances in the airline industry. It spent the last year prepping for a merger with JetBlue Airways but was forced to go it alone after competition regulators forced the merger partners to walk away earlier this year.
The airline is trying to chart a course as an independent at a time when a significant portion of its fleet is grounded. Spirit is a major user of planes powered by RTX turbofan engines that are subject to a recall.
Source Fool.com
