Tag Archives: JetBlue Airways Corp

S&P 500 rises after strong GDP report, Nasdaq jumps nearly 1% on Tesla results

The Nasdaq Composite rose Thursday as fourth-quarter gross domestic product came in above expectations, and investors parsed through the latest batch of corporate earnings.

The tech-heavy index jumped 1.2%, while the Dow Jones Industrial Average traded 104 points, or 0.3%, higher. The S&P 500 rose 0.6%.

GDP data released Thursday showed the economy expand at an annualized rate of 2.9% during the fourth quarter, the Commerce Department said. That’s above the 2.8% Dow Jones estimate, but represents a slight cooldown from the third-quarter reading.

“With today’s better-than-expected GDP number, I think investors are thinking, maybe we can get away with a pretty soft, mild recession that is not likely to throw us into an even deeper bear market when all is said and done,” said Sam Stovall, CFRA Research’s chief investment strategist.

Meanwhile, earnings season trudged on, with strong results from Tesla giving the Nasdaq and electric vehicle stocks a boost. Tesla jumped 9% after posting record revenue and solid earnings. Beaten-up technology giants Microsoft, Apple, Amazon and Alphabet added more than 1% each.

Airline earnings also rolled out, with Southwest falling on a larger-than-expected loss fueled by its holiday meltdown. American Airlines rose on a fourth-quarter beat.

Elsewhere, Chevron added 3% after announcing a $75 billion share repurchasing program.

Wall Street is coming off a mixed session, but all the major averages are headed for weekly, and monthly, gains. The Dow and S&P are up 1.5% and 1.9% so far this week, respectively. The Nasdaq has gained 3.1% this week and is on pace for its best month since July.

Focus now shifts to next week’s Federal Reserve policy, where the central bank is widely expected to announce a 25 basis point hike as it battles high inflation. Investors will be on the lookout for clue into how much further the Fed intends to hike before it cuts rates.

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Delta plans to offer free Wi-Fi starting Feb. 1

The passenger cabin on a Delta Boeing 737-900ER is shown while landing in Salt Lake City, Utah.

Mike Blake | Reuters

Delta Air Lines will offer travelers Wi-Fi for free starting Feb. 1, CEO Ed Bastian said Thursday.

Most U.S. flights will introduce the service next month, but it will become available on more each week, Bastian said during a presentation at the Consumer Electronics Show in Las Vegas.

Delta’s plan to make Wi-Fi free, after years of studying the possibility, comes as airlines compete for customers in the travel rebound following the pandemic slump nearly three years ago.

“It’s free. There’s no fine print,” Bastian said Thursday. “We have invested over $1 billion to create this.”

Travelers will access the free internet service by logging in with their Delta SkyMiles frequent flyer account information, Bastian added.

Delta last March said it was outfitting more of its planes with fast Wi-Fi from Viasat and made it available for a $5 flat fee. The carrier already offers free messaging.

Most airlines charge for Wi-Fi: United Airlines charges $8 for members of its frequent flyer program and $10 to other customers, and Southwest Airlines charges $8. It’s free on JetBlue, which has some corporate sponsorships for the service, and Hawaiian Airlines is planning to offer free internet with SpaceX’s Starlink this year.

Some airline executives have been hesitant to roll out the free service until the service becomes more reliable.

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Airlines cancel 17,000 flights due to severe winter weather but disruptions ease

Aircraft are deiced at General Mitchell International Airport in Milwaukee

Reuters

Flight cancellations eased further on Monday but disruptions from severe winter weather across the U.S. lingered at the tail end of Christmas weekend.

Airlines have canceled more than 17,000 U.S. flights since Wednesday, according to FlightAware, as storms brought snow, ice, high winds and bitter cold around the country, derailing air travel from coast to coast. Those conditions slowed down ground crews as they faced severe conditions at airports.

Carriers are likely to detail the costs of the disruptions when they report results next month, if not earlier.

Southwest Airlines was especially hit hard by the winter storms over the holiday travel period, along with other issues including unexpected fog in San Diego and staffing shortages at a fuel vendor in Denver, the carrier’s chief operating officer told staff.

Southwest had been canceling many flights proactively in an effort to stabilize its operation, COO Andrew Watterson said. From Wednesday through Saturday, about a quarter of Southwest’s flights were canceled, and two-thirds were delayed, according to FlightAware data.

The airline apologized to employees for the chaos, which left many struggling to get a hold of crew scheduling services, making it harder to get reassignments or make other changes, or get hotel rooms. Southwest also offered flight attendants working over the holiday extra pay.

“Part of what we’re suffering is a lack of tools,” Southwest CEO Bob Jordan said in a message to staff on Sunday. “We’ve talked an awful lot about modernizing the operation, and the need to do that. And Crew Scheduling is one of the places that we need to invest in. We need to be able to produce solutions faster.”

Airlines often cancel flights proactively during bad weather to avoid having planes, crews and customers out of place, problems that can make recovery from a storm more difficult.

Carriers also planned smaller schedules for Christmas Eve and Christmas Day compared with the days leading up to the holidays, making it harder for them to rebook travelers on other flights, and bookings had spiked.

Passengers check in at the Delta counter at Detroit Metro Airport in Romulus, Michigan, on December 22, 2022. 

Jeff Kowalsky | AFP | Getty Images

On Monday, more than 1,700 flights were canceled and 2,200 more were delayed, down from nearly 3,200 canceled flights and 7,700 delayed U.S. flights on Sunday.

Delta Air Lines, American Airlines, United Airlines, JetBlue Airways and Alaska Airlines were among the other carriers affected by the weather.

An American Airlines spokeswoman said the “vast majority of our customers affected by cancellations were able to be reaccommodated.”

Delta is “seeing steady recovery in our operations, and expect the improvements to continue over the next several hours,” a spokesman said Monday.

Passengers also faced delayed luggage, however.

Bill Weaver, 41, said he, his wife and five children drove from Wichita, Kansas to Dallas Fort Worth International Airport for a Friday flight to Cancun after their connecting flight into the American Airlines hub was canceled. The American Airlines flight to Cancun arrived on time but their luggage didn’t get to in Cancun until Monday, and hadn’t made it to their hotel by mid-morning, so they had to spend hundreds of dollars to buy clothing and other essentials at their hotel.

Weaver, who works in software sales, said he used to travel frequently.

“I’m used to missing bags and things happen but this is by far the worst I’ve ever seen,” he said.

Extreme cold and high winds slowed ground operations at dozens of airports. More than half of U.S.-based airlines’ flights arrived late from Thursday through Saturday, with delays averaging 81 minutes, according to FlightAware.

“Temperatures have fallen so low that our equipment and infrastructure have been impacted, from frozen lav systems and fuel hoses to broken tow bars,” said United Airlines message to pilots on Saturday. “Pilots have encountered frozen locks when trying to re-enter the jet bridge after conducting walk arounds.”

The FAA said it had to evacuate its tower at United hub Newark Liberty International Airport in New Jersey because of a leak on Saturday.

JetBlue, meantime, offered flight attendants triple pay to pick up trips on Christmas Eve due to staffing shortages.

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Xerox, Logitech, Upstart, Hibbett, Planet Fitness & more

Tony Avelar | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Logitech — The computer peripherals maker jumped 11.8% after Logitech reiterated its full-year guidance, which was lowered in July. Logitech has struggled with weaker demand after a boom in sales during the height of the pandemic.

Upstart — Shares surged 9.8% even after Mizuho initiated Upstart with an underperform rating, saying that there are more challenges ahead for the consumer lending company.

Stem — The stock rose 12.3% after UBS initiated Stem as a buy, saying that AI-driven energy storage company is a market leader that will get a boost from the Inflation Reduction Act.

Hibbett — The sporting goods stocks advanced 9.2% following an upgrade from Bank of America to a buy rating. The bank highlighted the company relationship with Nike and product availability among its reasons for liking the stock.

Xerox — Shares plunged 15% after the seller of print and digital document products and services reported disappointing earnings and cut its full-year revenue guidance. Xerox CEO Steve Bandrowczak said in a release that “profitability remains challenged by persistently high inflation and continued supply chain constraints.”

Brown & Brown — Shares of the insurance company dropped 11% after Brown & Brown missed earnings expectations. Brown & Brown posted earnings of 50 cents per share on revenue of $927.6 million. The company was expected to report earnings of 60 cents per share on revenue of $945.8 million, according to consensus estimates on FactSet.

Qualtrics International — Shares of the customer feedback software company jumped 7.7% after Qualtrics reported earnings that exceeded expectations, and raised its full-year outlook.

Ross Stores — Shares of the off-price retail jumped 5.8% following an upgrade to overweight from Wells Fargo. The bank called Ross Stores one of the “best ways” to trade the sector.

SAP — Shares of the German business software company advanced 6% after SAP reported quarterly results that topped expectations and maintained its full-year forecast.

PulteGroup — The home construction company jumped 5.9% despite disappointing earnings expectations. PulteGroup posted earnings of $2.69 per share on revenue of $3.94 billion. Analyst surveyed by Refinitiv were expecting earnings of $2.82 per share on revenue of $4.17 billion.

JetBlue — The airline slid 3.6% after a third-quarter earnings miss of 21 cents per share, versus a Refinitiv consensus estimate of 23 cents. Revenue was in line with estimates, at $2.56 billion. JetBlue had a quarterly profit of $57 million, due to elevated travel demand and higher fares, which helped offset rising costs.

Planet Fitness — The gym stock jumped 4.5% after Piper Sandler upgraded Planet Fitness to overweight from neutral, saying that shares are attractive and will get a boost from participation from younger generations.

General Motors — Shares of General Motors rose 3.6% after the automaker handily beat third-quarter earnings expectations. The company also maintained its full-year outlook.

United Parcel Service — Shares of the delivery company gained 1% after UPS reported stronger-than-expected earnings for the third quarter. The company earned an adjusted $2.99 per share, 15 cents better than analysts expected, according to Refinitiv. Revenue fell short of expectations, however, as its supply chain solutions segment declined year over year. UPS did maintain its full-year guidance.

General Electric — The stock declined 1.8% after General Electric cut its full-year outlook because of supply chain issues. The company otherwise posted stronger-than-expected revenue.

— CNBC’s Michelle Fox, Jesse Pound, Carmen Reinicke and Samantha Subin contributed reporting.

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Jobs report will make or break July’s rally

CNBC’s Jim Cramer on Monday said the most important data this week is the Bureau of Labor Statistics release of the July nonfarm payrolls report on Friday morning.

“If it shows some job growth with no wage inflation, then the fabulous July rally can stand. But if it shows booming hiring with exceptionally large wage increases, then some of this rally, if not much of it, is going to be repealed,” the “Mad Money” host said. 

Job growth has been strong this year, leading economists to say the U.S. is not in a recession even with two back-to-back quarters of negative GDP. 

Another strong jobs report could mean the Federal Reserve, which added a three-quarters a percentage point interest rate hike last week, will have to take stronger action to slow down the economy and inflation.

Cramer also previewed this week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.

Tuesday: Uber, AMD, Starbucks, Airbnb, JetBlue, PayPal

Uber

  • Q2 2022 earnings release at TBD time; conference call at 8 a.m. ET
  • Projected loss: loss of 27 cents per share
  • Projected revenue: $7.36 billion

Cramer said he believes Uber will always struggle to make money unless it gets “real” autonomous vehicles.

AMD

  • Q2 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: $1.03
  • Projected revenue: $6.53 billion

AMD will likely report a strong performance, Cramer predicted.

Starbucks

  • Q3 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: 77 cents
  • Projected revenue: $8.15 billion

Cramer said he wants to bet on Starbucks CEO Howard Schultz, not against him.

Airbnb

  • Q2 2022 earnings release between 4 p.m. and 4:05 p.m. ET; conference call at 4:30 p.m. ET
  • Projected EPS: 45 cents
  • Projected revenue: $2.11 billion

The company will likely report it’s doing well, Cramer said, adding that he believes shares of Airbnb won’t go higher unless it turns its cash flow into actual earnings.

JetBlue

  • Q2 2022 earnings release at 7 a.m. ET; conference call at 10 a.m. ET
  • Projected per share loss: 11 cents
  • Projected revenue: $2.45 billion

Cramer said he believes the Justice Department will block JetBlue’s deal to acquire Spirit Airlines.

PayPal

  • Q2 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
  • Projected EPS: 87 cents
  • Projected revenue: $6.78 billion

“If PayPal misses again, this is Elliott’s ballgame,” Cramer said, referring to activist investor Elliott Management’s recently acquired stake in the payment platform.

Wednesday: CVS

  • Q2 2022 earnings release at 6:30 a.m. ET; conference call at 8 a.m. ET
  • Projected EPS: $2.18
  • Projected revenue: $76.41 billion

Cramer said he expects the retail giant to report great numbers.

Thursday: Eli Lilly, Warner Bros Discovery, DoorDash

Eli Lilly

  • Q2 2022 earnings release at 6:25 a.m. ET; conference call at 9 a.m. ET
  • Projected EPS: $1.70 
  • Projected revenue: $6.85 billion

Cramer said he believes the success of Eli Lilly’s new weight loss drug will help the company report a great quarter.

Warner Bros Discovery

  • Q2 2022 earnings release after the bell; conference call at 4:30 p.m. ET
  • Projected EPS: 12 cents
  • Projected revenue: $11.85 billion

Cramer said he believes the company will try to muddle through getting rid of its huge debt load totaling around $55 billion.

DoorDash

  • Q2 2022 earnings release at 4:05 p.m. ET; conference call at 6 p.m. ET
  • Projected per share loss: 21 cents
  • Projected revenue: $1.52 billion

Cramer said he’s unsure whether DoorDash will be able to revive its stock price.

Disclosure: Cramer’s Charitable Trust owns shares of AMD and Eli Lilly.

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How JetBlue’s takeover of Spirit could change air travel

Passengers wait in line at the Spirit Airlines check-in counter at Orlando International Airport.

Paul Hennessy | LightRocket | Getty Images

Spirit Airlines relented this week and agreed to sell itself to JetBlue Airways for $3.8 billion, hours after breaking off a merger agreement with Frontier Airlines that failed to win enough shareholder support.

The new deal would mean big changes for travelers if it passes regulatory hurdles.

JetBlue has earned a reputation for passenger comforts like relatively generous legroom, seatback screens, live television, free Wi-Fi, and complimentary snacks like Cheez-Its and Stellar vegan butter pretzel braids. It also offers business class, with lie-flat seats.

Spirit, by contrast, has become a punchline for its bare-bones service. The cabins in its bright yellow planes are more cramped, and passengers have to pay extra for “optional services” like carry-on luggage and getting to pick a seat.

“It’s historic. This is the first time anyone wanted Spirit Airlines,” quipped “The Late Show” host Stephen Colbert about the deal on Thursday.

Still, Spirit has expanded rapidly and profitably by offering cheap tickets to vacation hotspots that can sometimes run less than a trip to the movies or a few burgers. The airline’s “Big Front Seat,” however, does offer 36 inches of legroom for a surcharge of up to $250.

As the two distinct airlines push ahead with their plans to combine, here’s what passengers can expect:

What are JetBlue’s plans for Spirit?

JetBlue wants to get bigger, and Spirit has the planes and pilots to help it do that. The New York-based carrier plans to retrofit Spirit’s planes in JetBlue’s style, ripping out the packed-in seats for a roomier layout with more amenities.

Combined, the airlines would become the country’s fifth-largest carrier, behind American, Delta, United and Southwest. Both have a big presence in Florida and each has expanded into Central and South America as well as the Caribbean in recent years. JetBlue last year started flying to London.

The two carriers will continue to operate as separate airlines until after the deal closes, which is subject to regulatory approval. Afterward, passengers might be confused if they’re flying in Spirit planes that haven’t been retrofitted yet.

JetBlue has some experience with such situations through its alliance with American in the Northeast, which allows the carriers to sell seats on each others’ planes. Last year, JetBlue revamped its website to better highlight the differences in onboard features like business class seats or free Wi-Fi.

Despite comedians’ digs, Spirit has improved its reliability in recent years — and is faring better than JetBlue by some measures.

JetBlue came in last among 10 airlines in on-time arrivals this year through May, while Spirit ranked seventh, according to the Transportation Department’s latest available data.

So far this year, a third of JetBlue’s flights were delayed and 4% have been canceled, according to flight tracker FlightAware. By comparison, slightly more than a quarter of Spirit’s flights have arrived late and 2.7% have been canceled.

JetBlue’s CEO Robin Hayes says improving reliability is a priority. The carrier has scaled back growth plans, saying it did not want to overextend its crews and other resources.

“A bigger JetBlue that is late is not a better JetBlue,” said Henry Harteveldt, a former airline executive and founder of Atmosphere Research Group, a travel-industry consulting firm.

Is this the end of cheap fares?

The Biden administration has vowed to take a tough stance on both consolidation and inflation, so the disappearance of an ultra low-cost airline could be a tough sell.

“Spirit might not be an elegant experience, but they are cheap,” said William Kovacic, a professor at the George Washington School of Law and a former chair of the Federal Trade Commission. “If they disappear as an independent enterprise … is that going to remove a source of downward pressure on price?”

But JetBlue’s Hayes says the airline needs to grow quickly and better compete with big airlines that control more than three-quarters of the U.S. market. Hayes argues a bigger JetBlue would mean more relatively lower fares to more destinations.

Like some of the airline giants, JetBlue has already added certain low fares that mimic carriers like Spirit. Those tickets also don’t come with seat assignments or other perks that were once standard with a coach fare.

But JetBlue’s business model of offering more comforts costs more than Spirit’s, meaning it likely won’t offer as many of the rock bottom fares that Spirit does.

Frontier Airlines, meanwhile, is already saying it’s happy to take on a bigger share of the ultra-low-cost market after its Spirit deal fell apart. Shortly after the airlines announced the end of their agreement, Frontier projected it would grow 30% next year and started a fare sale with 1 million seats going for $19 apiece.

The airline will become the largest discount carrier in the U.S. if Spirit is ultimately acquired. Others include Allegiant and Sun Country.

“That just gives us a huge amount of breathing room for growth,” said Frontier CEO Barry Biffle. “That’s why this is such a windfall for our employees and our shareholders.”

When is this happening?

Not immediately. JetBlue and Spirit expect the deal won’t get regulatory approval until late 2023 or early 2024, then close in the first half of 2024.

Integrating airlines is a lengthy and costly process. For example, United and Continental flight attendants didn’t even fly together until eight years after those airlines merged in 2010.

Retrofitting planes can take years too, and JetBlue wouldn’t be able to start that process with Spirit’s fleet until at least 2025. But the airline notes it recently outfitted more than 100 of its Airbus planes with new interiors.

“We’ve got a lot of recent experience in how to do it,” said Hayes.

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JetBlue agrees to buy Spirit in $3.8 billion deal to create 5th-largest U.S. airline

LaGuardia International Airport Terminal A for JetBlue and Spirit Airlines in New York.

Leslie Josephs | CNBC

JetBlue Airways reached a deal to buy Spirit Airlines, hours after the discount carrier scrapped plans to merge with Frontier Airlines.

JetBlue said it will pay $33.50 a share in cash for Spirit in a $3.8 billion deal.

A JetBlue acquisition of Spirit would create the country’s fifth-largest carrier, and if approved by regulators, would leave Frontier as the largest discount carrier in the U.S.

JetBlue’s surprise, all-cash bid for Spirit in April had thrown Spirit’s plan to combine with fellow discounter Frontier into question. For months, Frontier and JetBlue competed for Spirit, each sweetening their offers, until the original merger plan fell apart earlier Wednesday, clearing the way for JetBlue.

Spirit said it planned to continue talks to sell itself to JetBlue after ending the Frontier agreement.

JetBlue executives have argued for months that buying Miramar, Florida-based Spirit would help it compete with large carriers like American, Delta, United and Southwest, which control most of the U.S. market, and fast-track its growth by giving it access to more Airbus jetliners and pilots, both of which are in short supply.

New York-based JetBlue wants to refurbish Spirit’s planes in JetBlue style, featuring seatback screens and more legroom.

Spirit previously rebuffed JetBlue’s bids and said such a deal wasn’t likely to be approved by regulators, in part because JetBlue’s alliance with American, which the Justice Department sued to block last year.

The deal faces a high hurdle for regulatory approval.

Spirit shares were up more than 4% in premarket trading after the deal was announced, while JetBlue was up 0.5%.

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Spirit again delays vote on Frontier deal to continue deal talks with budget airline and JetBlue

A Frontier Airlines plane near a Spirit Airlines plane at the Fort Lauderdale-Hollywood International Airport on May 16, 2022 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

Spirit Airlines is again delaying a shareholder vote set for Friday on its deal to merge with Frontier Airlines, a win for competing suitor JetBlue Airways, which wants to buy Spirit outright.

It is the third time Spirit has postponed the vote, which was originally scheduled for June 10. It was later pushed to June 28, but Spirit had delayed it until July 8 last week, a day before the vote.

Spirit said Thursday it would now hold the vote on July 15 so it could continue deal talks with both airlines.

The delays bode well for JetBlue Airways, which swooped in with a $3.6 billion all-cash offer to buy Spirit in April. Two months earlier, Frontier and Spirit announced a $2.9 billion cash-and-stock deal to combine into a discount behemoth.

“We are encouraged by our discussions with Spirit and are hopeful they now recognize that Spirit shareholders have indicated their clear, overwhelming preference for an agreement with JetBlue,” JetBlue’s CEO Robin Hayes said in a statement after the latest delay.

Spirit’s board repeatedly rejected JetBlue’s offers, including sweetened proposals, arguing it didn’t think regulators would sign off on the deal. JetBlue said both deals would face regulatory scrutiny, and Hayes said that Spirit’s board didn’t give JetBlue’s offers full consideration.

It wasn’t clear if Spirit would have the shareholder support it needed to get the Frontier deal passed ahead of the last scheduled meeting, according to a person familiar with the matter.

Frontier, which also sweetened its offer for Spirit, nearly doubling the cash portion to $4.13 a share, didn’t immediately comment on the latest vote delay.

Spirit shares were up 2% in afterhours trading, while Frontier shares were down less than 1%. JetBlue was little changed.

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Buttigieg urges airline CEOs to ensure reliability this summer after waves of disruptions

Passengers line up at John F. Kennedy International Airport after airlines announced numerous flights were canceled during the spread of the Omicron coronavirus variant on Christmas Eve in Queens, New York, December 24, 2021.

Dieu-Nalio Chery | Reuters

Transportation Secretary Pete Buttigieg urged airline CEOs on Thursday to ensure they can fly their schedules reliably this summer after a rise in delays and cancellations this year, according to a person familiar with the call.

The secretary asked airlines what steps they were taking to ensure that disruptions that occurred over Memorial Day weren’t repeated during July 4 weekend and the rest of the summer, the person said. Buttigieg also pushed airlines to improve customer service so that passengers can rebook quickly, the person said, describing the call as “productive and collaborative.”

Airlines have struggled with routine disruptions such as weather alongside staffing shortfalls and a surge in travel demand. JetBlue Airways, Delta Air Lines, Spirit Airlines, Southwest Airlines and Alaska Airlines have already scaled back their spring and summer travel schedules to give themselves more room to handle disruptions.

More than 7,100 U.S. flights were delayed and nearly 1,600 were canceled as multiple thunderstorms snarled travel to and from some of the country’s busiest airports, according to flight-tracking site FlightAware.

The Thursday meeting came after Sens. Richard Blumenthal (D-Conn.) and Edward Markey (D-Mass.) earlier this month wrote to U.S. airlines’ industry group, Airlines for America, pressing for more information about disruptions over Memorial Day weekend.

“We appreciated the opportunity to meet with Department of Transportation Secretary Buttigieg to discuss our shared commitment to prioritizing the safety and security of all travelers as they reunite with friends, family and colleagues this summer,” Nick Calio, CEO of Airlines for America, which represents large U.S. carriers, said in a statement.

Airline executives have occasionally placed blame on air traffic control.

The Federal Aviation Administration last month called carriers to Florida for a meeting about recent flight disruptions in the state, where flight hurdles include frequent thunderstorms, military exercises and space launches, as well as a surge in demand.

The FAA, which participated in Thursday’s meeting, had said it would increase staffing at a key air traffic facility in Florida, among other measures.

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Spirit Airlines, Didi Global and more

Take a look at some of the biggest movers in the premarket:

Spirit Airlines (SAVE) – Spirit jumped 6.1% in the premarket after JetBlue (JBLU) sweetened its bid for Spirit. JetBlue will increase its breakup fee for the deal to $350 million and pay part of that as a dividend if the deal is consummated, increasing the value to $31.50 per share. JetBlue shares were unchanged.

Didi Global (DIDI) – Didi shares skyrocketed in the premarket after The Wall Street Journal reported that China regulators have concluded a year-long probe and it is set to lift an order banning the company from adding new users.

Keurig Dr Pepper (KDP) – The beverage maker’s stock will be added to the S&P 500 index prior to the opening of trading on June 21, along with ON Semiconductor (ON) and real estate investment trust VICI Properties (VICI). Keurig rallied 7.9% in premarket action, with ON Semiconductor surging 7.2% and VICI jumping 8.4%.

Eli Lilly (LLY) – The drugmaker’s stock rose 1.2% in premarket trading, after announcing successful results in studies involving diabetes drugs Trulicity and Jardiance.

Under Armour (UAA) – Under Armour stock is among those being replaced in the S&P 500 on June 21. Under Armour will move to the S&P MidCap 400, along with laser maker IPG Photonics (IPGP). Under Armour lost 1.2% in the premarket.

Revlon (REV) – Revlon is in talks with lenders on pushing back debt payment deadlines as the cosmetics maker tries to avoid a bankruptcy filing, according to people familiar with the matter who spoke to The Wall Street Journal. The talks involve extending the maturity date on about $1.7 billion in debt that comes due as early as 2024. Revlon added 1.6% in premarket trading.

Starbucks (SBUX) – Starbucks is considering only external candidates to be its next CEO, according to interim Chief Executive Officer Howard Schultz. He told The Wall Street Journal that the company needs to add new talent to its executive ranks. Starbucks was up 1.8% in the premarket.

Apple (AAPL) – Apple shares are on watch as the company’s annual Worldwide Developers Conference begins. Apple stock has lost 16.9% so far this year amid concerns about a slowdown in demand. Apple gained 1.4% in premarket trading.

Solar companies – Shares of solar equipment providers rose in premarket trading, following a Reuters report saying the White House would declare a 24-month exemption from solar panel tariffs as well as other moves to spur U.S. solar panel production. SolarEdge Technologies (SEDG) added 4.3%, Sunrun (RUN) jumped 11.1%, First Solar (FSLR) gained 2.3%, JinkoSolar (JKS) rallied 5.9% and SunPower (SPWR) rallied 7.2%.

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