Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, April 9.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange.
Investors are looking ahead to key inflation data out this week – consumer prices on Wednesday and producer prices on Thursday. These reports will be closely watched ahead of the Fed’s May policy meeting.
In other news - Spirit Airlines announced it will be deferring all of its 2025 and 2026 Airbus deliveries until 2030 or 2031. The low-budget carrier will now end 2025 with 219 jets in its fleet, 15 less than it anticipated. In a continued effort to save cash, the company also said it would be furloughing 260 pilots. The furloughs will be effective as of September 1st.
An issue with one of its engine suppliers has forced Spirit to ground some of its aircraft - causing the company to take on more financial hardship than it’s already grappling with. Despite increased travel demand, Spirit has had several straight quarters of losses.
This news comes after a $3.8 billion merger deal between Spirit and JetBlue was called off in March 2024. At the time the deal was terminated, Spirit CEO Ted Christie said "We concluded that current regulatory obstacles will not permit us to close this transaction in a timely fashion under the merger agreement."
Under the agreement, JetBlue agreed to pay Spirit $69 million at the time of termination.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
