JetBlue Goes Hostile on Spirit, but This Biopharma's Getting Hit Hard
Volatility in the stock market has been at heightened levels, with Friday's sizable gains helping to offset bigger losses earlier last week. However, it appeared that investors were ready for a bit of a rest coming into the new week. As of 8:30 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were down just 1 point to 32,119. S&P 500 (SNPINDEX: ^GSPC) futures had eased lower by 7 points to 4,012, while Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had fallen 44 points to 12,338.
Spirit Airlines (NYSE: SAVE) got a big premarket boost on Monday morning on news that JetBlue Airways (NASDAQ: JBLU) hasn't given up in its efforts to acquire the discount airline. Meanwhile, however, one company in the biopharmaceutical industry saw massive losses despite announcing a sizable transaction with a key treatment.
Shares of Spirit Airlines moved higher by nearly 14% in premarket trading Monday. Shareholders got word that JetBlue had made a tender offer for their shares, bypassing an unwilling board of directors in a hostile takeover attempt.
Source Fool.com
