What's Going On With Spirit Airlines Stock?

Spirit Airlines, Inc. SAVE shares are trading higher Tuesday. Spirit and JetBlue Airways Corporation JBLU filed a notice of appeal on Friday to challenge the ruling that blocked a merger of the companies.

What To Know:

Spirit and JetBlue announced that the companies had filed a notice of appeal to the U.S. Court of Appeals for the First Circuit on Friday to challenge a ruling that blocked JetBlue's planned $3.8 billion acquisition of Spirit Airlines.

Spirit Airlines also released preliminary fourth quarter estimates as part of an investor update on Friday. The company expects total fourth-quarter revenue of around $1.32 billion, the high end of its previous guidance, due to strong bookings over the Christmas and New Years holiday season. Spirit reported a completion factor of 99.7% during the holiday travel season as well.

Spirit also sees better-than-expected operating expenses due to lower fuel costs and greater fuel efficiency.

Spirit shares are moving on heavy trading volume Tuesday with more than 32.27 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is 12.488 million shares.

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SAVE Price Action: According to Benzinga Pro, Spirit Airlines shares are up 9.27% at $8.72 at the time of publication.

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