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Spirit AeroSystems Hldgs

Spirit AeroSystems manufactures aerostructures, particularly fuselages, cockpits, wing sections, engine pylons, and nacelles for commercial and military aircraft. The company was spun out of Boeing in 2005, and the firm is the largest independent supplier of aerostructures for commercial aircraft. Boeing and Airbus are the firm's primary customers—Boeing represented roughly 60% and Airbus roughly 20% of revenue in recent years. The company is highly exposed to Boeing's beleaguered 737 program, which accounts for nearly half the company's revenue.

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The U.S. Justice Department&#39;s Antitrust Division and the Department of Transportation announced on Thursday they have opened a broad public inquiry into the state of competition in air travel on topics including previous airline mergers, aircraft manufacturing, airline ticket sales, pricing and rewards practices.

DOJ, DOT Open Inquiry Into Airline Competition Amid Rising Concerns

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Spirit AeroSystems has announced employee furloughs amid the ongoing Boeing strike, with a 21-day furlough for about 700 workers set to begin October 28, while also facing the possibility of layoffs if the strike continues beyond November.

Spirit AeroSystems Plans Employee Furloughs Amid Ongoing Boeing Strike, Faces Layoff Risk

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U.S. stock futures are headed lower on Monday after the jobs data-induced strength seen in the final session of last week.

Wall Street Set To Start New Week Sharply Lower As Traders Brace For Key Economic Data And Fed Minutes: Why Strategist Sees Market Consolidating In Near Term

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Airbus Close To Agreement As Early As Today With Spirit Aerosystems On Fresh Funding And Revised Payment Terms

Spirit Aerosystems Says Company, Boeing Entered Into An Advance Payments Agreement; Boeing To Pay Spirit Aerosystems Up To $350M; To Use Advances For Boeing Product Readiness

Asset Sales

Reuters Reported Boeing Close To Funding Agreement To Help Supplier Spirit Aerosystems That Could Be Announced In Next Few Days; Spirit Weighing Sale Of Defense Composites Supplier FMI

The U.S. Justice Department's Antitrust Division and the Department of Transportation announced on Thursday they have opened a broad public inquiry into the state of competition in air travel on topics including previous airline mergers, aircraft manufacturing, airline ticket sales, <a href="https://www.benzinga.com/government/24/09/40745931/delta-southwest-and-other-airlines-in-hot-waters-with-us-transportation-department-for-unfair-reward">pricing and rewards practices</a>.
The Details: The agencies <a href="https://www.justice.gov/opa/pr/justice-department-and-department-transportation-launch-broad-public-inquiry-state">have issued</a> a Request for Information (RFI) and seek the public's input on anticompetitive conduct, consolidation and issues affecting the availability and affordability of air travel options.&nbsp;
"Competition in air travel is a vehicle for better quality, better fares and better choices for Americans," said Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division.
"With this inquiry, we hope to learn more from the businesses and travelers at the center of this essential industry. Their feedback will ensure the Justice Department can continue to build on its historic efforts to protect competition in air travel," Kanter added.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/10/41546663/fridays-top-5-trending-stocks-whats-the-scoop-on-tesla-sofi-joby">Friday&#8217;s Top 5 Trending Stocks: What&#8217;s The Scoop On Tesla, SoFi, Joby?</a>
The U.S. Travel Association reacted to the DOJ's public inquiry into competition in air travel, which it sees as politically motivated.&nbsp;
"Today's announcement by the Departments of Transportation and Justice that they will launch ‘broad inquiries' into airline business practices is another in a long line of disappointing political stunts," the U.S. Travel Association said <a href="https://www.ustravel.org/press/us-travel-reacts-doj-dot-inquiry-air-travel-competition">in a statement</a>.
DOJ Cracks Down: Under the Biden administration, the DOJ has cracked down on industry consolidation and mergers and successfully blocked <a href="https://www.benzinga.com/news/24/03/37455281/jetblue-spirit-airlines-shares-are-moving-monday-whats-going-on">the merger</a> of JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) and Spirit Airlines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NASDAQ">SAVE</a>) earlier this year.  
Spirit Airlines continues to face financial trouble and a potential bankruptcy after the deal with JetBlue fell through. Earlier this week, it was reported the<a href="https://www.benzinga.com/m-a/24/10/41496171/whats-going-on-with-spirit-airlines-stock-wednesday"> airline had resumed</a> preliminary merger discussions with Frontier Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>). The potential merger of the two airlines would likely coincide with Spirit's restructuring of its debt and other liabilities in bankruptcy and could be affected by actions resulting from the DOJ's latest inquiry. 
Last month, the DOT launched an inquiry into whether the loyalty programs of the four largest U.S. airlines have engaged in unfair, deceptive or noncompetitive practices. Transportation Secretary Pete Buttigieg sent a letter to American Airlines, Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), United Airlines and Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) requesting records and reports related to the airlines&#8217; loyalty programs, practices and policies.
Federal agencies did allow a merger between Hawaiian Holdings, Inc. and Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) <a href="https://www.benzinga.com/government/24/08/40455513/alaska-airlines-hawaiian-airlines-1-9b-merger-gets-doj-green-light-awaits-transportation-department">to be completed</a> in September. However, the DOT required the companies to agree to a set of consumer protections before giving the deal the green light. 
Why It Matters: Other companies in the airline industry may be affected by the joint inquiry announced Thursday, including planemaker Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and parts supplier Spirit Aerosystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>). Investors can monitor the effects on the industry through airline-focused ETFs, including the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and the iShares Trust iShares U.S. Transportation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IYT#BATS">IYT</a>). 
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Image: Courtesy of&nbsp;United Airlines Holdings, Inc.

<a href="https://www.cnbc.com/2024/10/24/spirit-aerosystems-weighs-more-furloughs-layoffs.html">https://www.cnbc.com/2024/10/24/spirit-aerosystems-weighs-more-furloughs-layoffs.html</a>
<ul>
<li>Spirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday.</li>
<li>More than 32,000 Boeing machinists walked off the job on Sept. 13 after turning down an earlier tentative agreement.</li>
<li>Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities.</li>
<li>Those furloughs could begin next week.</li>
</ul>
<a href="https://www.cnbc.com/quotes/SPR/">Spirit AeroSystems</a> is weighing furloughs or layoffs of hundreds more employees if the <a href="https://www.cnbc.com/quotes/BA/">Boeing</a> machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday.
Boeing's machinists, whose strike is about to enter its sixth week, <a href="https://www.cnbc.com/2024/10/24/boeing-machinists-new-labor-contract-strike.html">voted 64% against a newly proposed labor contract</a> on Wednesday, extending the work stoppage that has halted production of most of Boeing's aircraft, which is centered in the Seattle area.
&nbsp;
Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities. Those 21-day furloughs could begin next week.
Further reductions would be in addition to those furloughs, but no decision has been made, said Spirit spokesman Joe Buccino.
Spirit's consideration of additional furloughs demonstrates how the lengthy strike is weighing on an already-fragile aerospace supply chain. Boeing suppliers have largely hesitated to cut staff in part because they had spent years rebuilding their workforces in the wake of the Covid-19 pandemic. Airbus is also facing similar supply chain pressure.
More than 32,000 Boeing machinists in the Puget Sound area, Oregon and other locations <a href="https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html">walked off the job</a> on Sept. 13 after turning down an earlier tentative agreement.
Boeing is in the process of acquiring Spirit, a deal it expects to close next year. Spirit has been burning through cash and, on Wednesday, reported a third-quarter net loss of $477 million, more than double a year earlier.
Boeing's new CEO Kelly Ortberg has said <a href="https://www.cnbc.com/2024/10/24/boeing-machinists-new-labor-contract-strike.html">getting a deal with its Seattle-area machinists</a> and ending the strike is a top priority, and the workers' union has said it is eager to get back to the negotiating table.

Management

'Spirit AeroSystems Weighs Hundreds More Furloughs Or Layoffs If Boeing Strike Goes Beyond Nov. 25' - CNBC

Spirit AeroSystems Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) reported quarterly losses of $(3.03) per share which missed the analyst consensus estimate of $(0.37) by 718.92 percent. This is a 113.38 percent decrease over losses of $(1.42) per share from the same period last year. The company reported quarterly sales of $1.471 billion which missed the analyst consensus estimate of $1.697 billion by 13.30 percent. This is a 2.22 percent increase over sales of $1.439 billion the same period last year.

Earnings Misses

Spirit AeroSystems Q3 2024 Adj. EPS $(3.03) Misses $(0.37) Estimate, Sales $1.471B Miss $1.697B Estimate

<a href="https://investors.boeing.com/investors/events-presentations/" title="https://investors.boeing.com/investors/events-presentations/">https://investors.boeing.com/investors/events-presentations/</a>

Boeing CFO Says Expect To Burn Cash In Q4 And In 2025

As the Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike drags on, Spirit Aerosystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) faces tough choices ahead,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41402821/spirit-aerosystems-announces-furloughs" rel="noreferrer noopener"> including the looming threat of layoffs and extended furloughs.</a>
On Friday, Spirit Aerosystems announced employee furloughs in response to the ongoing strike by Boeing workers represented by the International Association of Machinists and Aerospace Workers, which began on September 13.
Effective October 28, Spirit will implement a 21-day furlough for approximately 700 employees involved in the 767 and 777 programs. These furloughs are part of a broader cost-saving strategy that includes a hiring freeze and restrictions on travel and overtime.
The company has established a considerable inventory buffer for the 767 and 777 programs but lacks the capacity for additional storage.
If the strike persists beyond November, financial pressures will necessitate further cost-saving measures, which may include layoffs and additional furloughs.
Also Read:<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/10/41403554/blackrocks-bitcoin-etf-gobbles-up-1b-this-week-fidelity-leads-among-ethereum-etfs-with-31m" rel="noreferrer noopener"> BlackRock&#8217;s Bitcoin ETF Gobbles Up $1B This Week, Fidelity Leads Among Ethereum ETFs With $31M</a>
&#8220;This difficult step was necessary given our limited storage capacity for 767 and 777 units,&#8221; said&nbsp;Pat Shanahan, CEO of Spirit AeroSystems. &#8220;We recognize the impact this has on our valued teammates and their families, and we are committed to supporting them through this period.&#8221;
Despite these difficulties, Spirit is committed to upholding the highest quality and safety standards and will continue to fulfill its obligations to customers, regulators, and the aerospace industry.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, SPR stock has gained over 51% in the past year. Investors can gain exposure to the stock via&nbsp;Gabelli Commercial Aerospace and Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCAD#NYSE">GCAD</a>).
Price Action: SPR shares are trading lower by 0.65% to $32.00 at last check Friday.
Photo via Shutterstock
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Spirit Aerosystems To Introduce 21-Day Furloughs For 700 Workers On 767 And 777 Programs Starting Oct 28 Due To Boeing Strike, Co. To Enact Layoffs And Additional Furloughs If Boeing Strike Continues Beyond November

U.S. stock futures are headed lower on Monday after the jobs data-induced strength seen in the final session of last week. The mood has been rendered cautious as traders await a few key first-tier economic data and the minutes of the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Federal Reserve&#8217;s September rate-setting meeting.</a>
The imminent third-quarter reporting season could force traders to stay on the sidelines as corporate profit growth has been a major driving factor for the market amid economic uncertainties. JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) kickstarts the big bank reporting season this Friday.
The Middle East tensions that have sent oil on the boil could also be a spot a bother for traders even as they look ahead to soft-landing, facilitated by the Fed&#8217;s rate cuts.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.66%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.53%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.44%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.74%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Monday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) slipped 0.57% to $569.72 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved 0.69% lower to $483.97, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Week:
U.S. stocks kept the winning streak going, as the major indices rose for a fourth straight week but the gains were much more modest and came amid volatility. The 30-stock Dow Jones Industrial Average finished at a fresh record. Small-cap stocks, however, posted a moderate decline for the week.
Stocks started the week higher amid caution but pulled back on Tuesday, dragged by geopolitical tensions, worries concerning the dockworkers&#8217; strike and weak manufacturing data. The major averages reversed course on Wednesday, despite ongoing headwinds, but retreated on Thursday as traders processed a mixed set of economic data and remained cautious amid Middle East tensions and the port strike.
Stronger-than-expected non-farm payroll gains, although generating some sell-off in early trading, lifted the averages higher thereafter, helping them to recoup all their losses for the week.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.10%</td>
<td>18,137.85</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.23%</td>
<td>5,751.07</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.09%</td>
<td>42,352.75</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.54%</td>
<td>2,212.80</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market could be stuck in the recent trading range until the November election, said Ivan Martchev, investment strategist at Navellier &amp; Associates. The strategist said the same type of trading seen in July, when marginal new highs were met with selling into strength, most notably in the tech sector, is repeating now. There has been rotation into value stocks but the pace of this rotation has been slow in the recent week, he said.
The strategist blamed the situation in the Middle East for the profit-taking. That said, a large downside is unlikely, he said.
&#8220;But it does suggest one shouldn't look for the market to run higher or make anything more than marginal new highs before the election in early November,&#8221;&nbsp;Martchev said.
&#8220;We could be in for a continuation of the trading range that started in the middle of July.&#8221;
Carson Group Chief Investment Strategist Ryan Detrick also raised a red flag. The S&amp;P 500 Index rose 34.4% year-over-year in September this year, and six times in the past, the index had gained over 30% in September versus the year ago, the strategist said. Only once out of the six times, did the index post gains for October and the average return for the fourth quarter was also below-average, he added.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The S&amp;P 500 is up nearly 35% YoY the past 12 months. This is one of the best 12 month rallies ever going into Q4. Worth noting October higher only once out of six times it was up 30% or more going into Q4 and Q4 below avg returns as well. <a href="https://t.co/hfwwND2Dw5">pic.twitter.com/hfwwND2Dw5</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1842646974329204817?ref_src=twsrc%5Etfw">October 5, 2024</a></blockquote>
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See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
The September producer and consumer price inflation reports as well as the weekly jobless claims data and the preliminary October consumer sentiment survey from the University of Michigan, all due in the back half of the week, are among the market-moving data for the week. Traders may also evince interest in sifting through the minutes of the September Federal Open Market Committee meeting due on Wednesday. At the meeting, the central bank began its policy pivot and reduced the Fed funds rate by an aggressive 50 basis points.
A slew of Fed speeches strewn through the week could also create ripples in the market.
<ul>
<li>On Monday at 11:30 a.m. EDT, the Treasury will auction three- and six-month bills.</li>
<li>Fed Governor Michelle Bowman is scheduled to speak at 1 p.m. EDT.</li>
<li>Minneapolis Fed President Neel Kashkari will participate in a Q&amp;A session at 1:50 p.m. EDT.</li>
<li>Atlanta Fed President Raphael Bostic will moderate a conversation with Steve Koonin, CEO of the Atlanta Hawks and State Farm Arena, as part of the Atlanta Fed&#8217;s&nbsp;Leading Voice series at 6 p.m. EDT.</li>
<li>The Fed will release its consumer credit report for August at 3 p.m. EDT. Economists, on average, expect the outstanding consumer credit to increase at a slower rate of $12 billion for the month compared to a $25.5 billion jump in August.</li>
<li>St. Louis Fed President Alberto Musalem&nbsp;will make a public appearance at 6:30 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) shares climbed over 2.50% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after Wall Street Journal said activist investor Starboard Value&nbsp;has invested approximately $1 billion in the company and has engaged a few former Pfizer executives to assist in revitalizing its sagging fortunes.</li>
<li>Spirit AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) shares plunged over 8.5% after reports said the company may have to lay off workers in three weeks amid the ongoing Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) stock continues.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell over 1% and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was down modestly ahead of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41198872/teslas-we-robot-event-will-likely-feature-robotaxi-25k-ev-and-optimus-updates-says-">Thursday&#8217;s Robotaxi event.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures rose over 2%, and in the early New York session it topped the $76-a-barrel mark. Gold futures rose modestly but traded shy of its record high. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose over 1% in the past 24 hours and traded above $63K.
The 10-year Treasury note yield topped 4% by virtue of its 2.1-basis-point climb. 
The Asian markets reacted to the strong U.S. jobs data and ended mostly higher, led by Japan&#8217;s Nikkei 225 average, which climbed 1.8%. On the other hand, the Indian and New Zealand markets retreated.
The Chinese market will reopen on Tuesday after the weeklong National Day holiday. Traders across the global market look ahead to the re-opening, especially after a notice from the State Council said on Sunday that a panel of senior officials from the National Development and Reform Commission, including chairman Zheng Shanjie, will brief reporters on the implementation of stimulus policies at the press conference on Tuesday at 10 a.m. local time (Monday, 10 p.m. EDT).
European stocks traded mostly lower early hours of Monday.
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Image Via Shutterstock

Spirit Aerosystems Says It Is Reviewing Contingency Plans Regarding Furloughs, But No Decision Taken At This Time

SPEEA Union Begins Contract Negotiations With Spirit, Aiming To Improve Engineers' Pay, Benefits, And Work-Life Balance

An Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) flight headed for Oakland, California, from Seattle was forced<a href="https://www.benzinga.com/markets/equities/24/08/40571260/boeing-sees-strong-demand-for-planes-in-china-expects-fleet-to-double-by-2043"> to turn around </a>Sunday afternoon after the aircraft — made by The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) — reportedly experienced engine trouble.
What Happened: The Boeing 737-700 airplane left Seattle-Tacoma International Airport at 12:24 Pacific Day Light Time for Alaska Airlines Flight 1240 but flew back to the airport in just over an hour due to the #1 engine on the plane&#8217;s left side shutting down, Fox Business News <a href="https://www.foxbusiness.com/economy/alaska-airlines-boeing-flight-returns-airport-following-engine-issue">reported</a>.
&nbsp;&#8220;We worked to take care of our guests and accommodate their travel to Oakland yesterday afternoon, and we apologize for the inconvenience,&#8221; Alaska Airlines statement read.
Boeing did not immediately respond to Benzinga&#8217;s request for further comment.
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A different aircraft got passengers to Oakland later in the evening, according to flight tracking website FlightAware.&nbsp;
Why It Matters: Boeing has been under intense scrutiny <a href="https://www.benzinga.com/markets/equities/24/05/39009464/boeings-employee-speak-up-on-safety-quality-soar-500-after-737-max-incident-whats-the-benefit">over the safety of its aircraft</a>.
The company is also <a href="https://www.benzinga.com/markets/equities/24/06/39470596/boeing-offers-to-acquire-spirit-aerosystems-in-35-per-share-deal-funded-mostly-by-stock-report">seeking to acquire</a> Spirit AeroSystems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>).
Alaska Airlines, meanwhile, is in the process of trying to merge with Hawaiian Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HA#NASDAQ">HA</a>).
Alaska Airlines was in the news earlier this year when a Boeing 737-9 MAX door plug blowout occurred during one of their flights in January.&nbsp;
Earlier this summer, the National Traffic Safety Board criticized Boeing for sharing details of the probe into the plug malfunction during a press conference by Elizabeth Lund, senior vice president of quality for Boeing commercial airplanes. 
Price Action: Boeing declined 0.37% to $172.84 by Tuesday&#8217;s mid-afternoon trading, while exchange-traded funds that hold the stock went up for the most part.
<ul>
<li>IShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>) gained 0.18%</li>
<li>Direxion Daily Aerospace &amp; Defense Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEFN#NYSE">DEFN</a>) rose 0.58%</li>
<li>Gabelli Commercial Aerospace and Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCAD#NYSE">GCAD</a>) slid 0.09%</li>
<li>First Trust Indxx Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MISL#NYSE">MISL</a>) went up 0.13%</li>
<li>Invesco Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>) edged up 0.18%</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40541938/nasa-chooses-spacex-over-boeing-for-stranded-astronauts-return-starliners-future-in-doubt">NASA Chooses SpaceX Over Boeing For Stranded Astronauts&#8217; Return: Starliner&#8217;s Future In Doubt</a></li>
</ul>

Emles Trust Emles Protective Allocation ETF

DEFN

MISL

Boeing 737 Aircraft Experiences Engine Trouble During Alaska Airlines Flight, Forced To Turn Around

RBC Capital analyst Ken Herbert reiterates Spirit AeroSystems Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) with a Sector Perform and maintains $37.25 price target.

Price Target

Reiteration

Analyst Ratings

RBC Capital Reiterates Sector Perform on Spirit AeroSystems Hldgs, Maintains $37.25 Price Target

Spirit AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) shares are trading lower premarket Tuesday after the company&#8217;s CEO, Patrick Shanahan, stated that they will receive a $28.5 million payout following the company&#8217;s<a href="https://www.benzinga.com/24/07/39567358/boeing-to-acquire-spirit-aerosystems-for-4-7b-after-months-of-negotiations" target="_blank" rel="noreferrer noopener"> merger with </a><a href="https://www.benzinga.com/24/07/39567358/boeing-to-acquire-spirit-aerosystems-for-4-7b-after-months-of-negotiations" target="_blank" rel="noreferrer noopener">The Boeing Company</a><a href="https://www.benzinga.com/24/07/39567358/boeing-to-acquire-spirit-aerosystems-for-4-7b-after-months-of-negotiations" target="_blank" rel="noreferrer noopener"> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</a>.
The package includes a $2.3 million cash payment, $26.1 million in restricted stock units, and $45,000 in perks and benefits, as part of a &#8220;golden parachute&#8221; arrangement, reported Reuters.
Such payments are common in corporate America, designed to incentivize management to proceed with a sale, even at the cost of their own jobs.
Shanahan, a former Boeing executive, is a top candidate for Boeing&#8217;s CEO position, <a href="https://www.benzinga.com/news/24/08/40282460/boeings-new-ceo-kelly-ortberg-shifts-base-to-seattle-amid-airplane-makers-safety-crisis">currently held by Kelly Ortberg</a>. 
Last week, Spirit AeroSystems recently missed Q2 adjusted EPS estimates by 90 cents; sales of $1.50 billion <a href="https://www.benzinga.com/pressreleases/24/08/n40171429/spirit-aerosystems-reports-second-quarter-2024-results" target="_blank" rel="noreferrer noopener">fell short of the $1.59 billion estimate</a>.
Price Action: SPR shares are up 0.97% at $34.18 premarket at the last check Tuesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40245022" target="_blank" rel="noreferrer noopener">NTSB Calls Out Boeing For Safety Lapses: FAA Steps Up Scrutiny</a></li>
</ul>

What's Going On With Spirit AeroSystems Shares Premarket Tuesday?

The newly appointed CEO of Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), Kelly Ortberg, has decided to move to Seattle, the company&#8217;s original home, in a bid to address the ongoing safety crisis.
What Happened: Ortberg&#8217;s relocation to Puget Sound, Washington, from Boeing&#8217;s corporate headquarters in Washington D.C., follows criticism that the company had lost touch with its manufacturing roots. This criticism was triggered by an incident in January when a door plug on a 737 MAX jet fell off mid-flight due to missing bolts, Reuters reported on Friday.
On his first day, Ortberg, the former chief of aerospace firm Rockwell Collins, spent time at the Renton factory where the 737 MAX jet is manufactured. He underscored the importance of getting &#8220;closer to the production lines and development programs across the company,&#8221; as he stated in a letter to employees.
Ortberg&#8217;s challenges include ramping up the production of MAX jets from about 25 to 38 planes a month by year-end, negotiating a labor deal to avert a potential strike, and addressing supply-chain issues that have delayed deliveries. Airline industry executives have urged Ortberg to prioritize on-time plane deliveries.
The National Transportation Safety Board (NTSB) has criticized Boeing for disregarding repeated warnings about unauthorized production. NTSB Chair Jennifer Homendy said a probe into the flight would likely be completed by early next year.
See Also: <a href="https://www.benzinga.com/news/24/08/40212316/tesla-ceo-elon-musk-reiterates-need-to-make-cybertruck-cheaper-its-a-great-truck-we-need-to-make-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Reiterates Need To Make Cybertruck Cheaper: &#8216;It&#8217;s A Great Truck. We Need To Make It More Affordable&#8217;</a>
Ortberg plans to visit employees at Boeing&#8217;s key supplier, Spirit AeroSystems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>), in Wichita, Kansas, next week. Boeing has agreed to buy back the financially struggling Spirit for $4.7 billion in stock.
In a message to employees, Ortberg emphasized that &#8220;restoring trust starts with meeting our commitments,&#8221; whether in building safe commercial aircraft or delivering defense and space products.
Why It Matters: Ortberg&#8217;s appointment as CEO came after Boeing reported a <a href="https://www.benzinga.com/news/earnings/24/07/40066164/boeings-q2-earnings-huge-revenue-decline-lower-deliveries-names-former-aerospace-industries-associa">15% year-over-year </a>decline in second quarter revenue to $16.866 billion, missing the consensus of $17.23 billion. The move is seen as a step towards addressing the safety issues that have plagued the company.
Boeing and Spirit AeroSystems executives testified at a hearing regarding the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40168743/boeing-poised-for-free-cash-flow-surge-post-2024-optimism-fueled-by-production-and-"> in-flight blowout </a>on a Boeing 737-9 MAX in January. This incident led to a series of repercussions for Boeing, including a temporary grounding of the MAX 9, a halt on production expansion by the Federal Aviation Administration (FAA), a criminal investigation, and the departure of several key executives.
In response to the incident, Boeing announced plans to<a href="https://www.benzinga.com/markets/equities/24/08/40212583/boeing-says-it-has-a-design-change-that-will-prevent-plane-doors-from-flying-out-mid-air-like-wh"> implement design changes</a> aimed at preventing future mid-air cabin panel blowouts.
Price Action: Boeing was trading 0.25% higher at $169.30 during Friday pre-market&nbsp;after closing at $168.87 on Thursday, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40210380/elon-musks-robotaxi-reveal-will-expected-to-exert-eye-popping-pressure-on-uber-others-to-move-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Robotaxi Reveal Will Expected To Exert &#8216;Eye-Popping&#8217; Pressure On Uber, Others To Move Toward &nbsp;Autonomous Future, Says Dan Ives</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tech

Boeing's New CEO Kelly Ortberg Shifts Base To Seattle Amid Airplane-Maker's Safety Crisis

The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares are trading lower premarket today. On Wednesday, the head of the National Transportation Safety Board (NTSB) stated that the mid-air emergency involving Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) Boeing 737 MAX 9 was entirely avoidable, as Boeing should have addressed unauthorized production work earlier.
NTSB Chair Jennifer Homendy told reporters, &#8220;There have been numerous, numerous Boeing audits, FAA audits, compliance reviews, compliance actions plans, noting a history of an unauthorized work, unauthorized removals,&#8221;, reported Reuters.
According to the NTSB, Boeing failed to document the removal and re-installation of the 737 MAX 9 door plug, a metal cover for an unused emergency exit, and does not know which employees were involved. The plug was delivered to Alaska Airlines missing four key bolts.
Related:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36523143/im-going-to-die-passengers-experience-15-minute-nightmare-during-alaska-airs-harrowing-emergency" rel="noreferrer noopener"> ‘I'm Going To Die!': Passengers Experience 15-Minute Nightmare During Alaska Air's Harrowing Emergency, 65 Boeing 737 Max 9 Jets Grounded</a>
FAA official Brian Knaup stated at the hearing that the agency has discovered further issues related to unauthorized removals by Boeing.
Knaup added that the FAA has intensified investigations <a target="_blank" href="https://www.benzinga.com/government/24/05/38596243/another-boeing-whistleblower-dies-this-time-due-to-sudden-infection" rel="noreferrer noopener">of hotline and whistleblower reports</a>.
He mentioned that the FAA has increased unannounced audits and secured dedicated space for personnel at Boeing&#8217;s 737 factory and at supplier Spirit AeroSystems Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>), which <a target="_blank" href="https://www.benzinga.com/24/07/39567358/boeing-to-acquire-spirit-aerosystems-for-4-7b-after-months-of-negotiations" rel="noreferrer noopener">Boeing has agreed to acquire.</a>
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36526743/over-170-boeing-737-max-9s-grounded-as-alaska-air-passengers-recall-terrifying-incident" rel="noreferrer noopener">Over 170 Boeing 737 Max 9s Grounded, As Alaska Air Passengers Recall Terrifying Incident</a>
The FAA said on Wednesday, &#8220;We will continue our aggressive oversight of the company and ensure it fixes its systemic production-quality issues,&#8221; per the report.
According to the report, the FAA disclosed that it has 16 open enforcement actions against Boeing, with eight initiated since the Alaska Airlines incident.
Yesterday, Boeing disclosed plans to implement design changes aimed at preventing future <a target="_blank" href="https://www.benzinga.com//node/40212583" rel="noreferrer noopener">mid-air cabin panel blowouts</a>.
Recently, the FAA proposed requiring&nbsp;Boeing to conduct&nbsp;maintenance record checks&nbsp;or inspections of some of its 787 Dreamliners after the company reported missing&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/08/40114073/faa-proposes-mandatory-maintenance-checks-for-some-boeing-787-dreamliners" rel="noreferrer noopener">a test on a part of the main landing gear</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S.&nbsp;Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) and&nbsp;First Trust Exchange-Traded Fund First Trust Indxx Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MISL#NYSE">MISL</a>).
Price Action: BA shares are down 0.58% at $162.30 premarket at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com//node/40168743" target="_blank" rel="noreferrer noopener">Boeing Poised for Free Cash Flow Surge Post-2024, Optimism Fueled by Production and New CEO: Goldman Sachs</a></li>
</ul>

Large Cap

Media

iShares Dow Jones US Aerospace & Defense Index Fund

NTSB Calls Out Boeing For Safety Lapses: FAA Steps Up Scrutiny

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>UNP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$250.00</td>
<td>$418.2K</td>
<td>1.6K</td>
<td>2.0K</td>
</tr>
<tr>
<td>BA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$175.00</td>
<td>$81.8K</td>
<td>423</td>
<td>1.6K</td>
</tr>
<tr>
<td>LYFT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$11.00</td>
<td>$41.6K</td>
<td>1.4K</td>
<td>1.0K</td>
</tr>
<tr>
<td>XPO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$87.50</td>
<td>$27.3K</td>
<td>423</td>
<td>352</td>
</tr>
<tr>
<td>GE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/09/24</td>
<td>$160.00</td>
<td>$25.1K</td>
<td>470</td>
<td>197</td>
</tr>
<tr>
<td>BLDR</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$165.00</td>
<td>$42.6K</td>
<td>748</td>
<td>188</td>
</tr>
<tr>
<td>FDX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$300.00</td>
<td>$62.8K</td>
<td>500</td>
<td>79</td>
</tr>
<tr>
<td>ENVX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$19.00</td>
<td>$31.6K</td>
<td>474</td>
<td>50</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$12.50</td>
<td>$30.0K</td>
<td>16.7K</td>
<td>40</td>
</tr>
<tr>
<td>SPR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$18.00</td>
<td>$46.5K</td>
<td>183</td>
<td>33</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding UNP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>), we observe a call option sweep with bullish sentiment. It expires in 45 day(s) on September 20, 2024. Parties traded 1139 contract(s) at a $250.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $418.2K, with a price of $370.0 per contract. There were 1666 open contracts at this strike prior to today, and today 2008 contract(s) were bought and sold. 
• Regarding BA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), we observe a call option sweep with bearish sentiment. It expires in 73 day(s) on October 18, 2024. Parties traded 103 contract(s) at a $175.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $81.8K, with a price of $795.0 per contract. There were 423 open contracts at this strike prior to today, and today 1628 contract(s) were bought and sold. 
• Regarding LYFT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), we observe a put option sweep with bullish sentiment. It expires in 73 day(s) on October 18, 2024. Parties traded 318 contract(s) at a $11.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $41.6K, with a price of $131.0 per contract. There were 1499 open contracts at this strike prior to today, and today 1093 contract(s) were bought and sold. 
• Regarding XPO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>), we observe a put option sweep with bullish sentiment. It expires in 164 day(s) on January 17, 2025. Parties traded 65 contract(s) at a $87.50 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $27.3K, with a price of $420.0 per contract. There were 423 open contracts at this strike prior to today, and today 352 contract(s) were bought and sold. 
• For GE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), we notice a call option sweep that happens to be bearish, expiring in 3 day(s) on August 9, 2024. This event was a transfer of 45 contract(s) at a $160.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $25.1K, with a price of $560.0 per contract. There were 470 open contracts at this strike prior to today, and today 197 contract(s) were bought and sold. 
• Regarding BLDR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>), we observe a put option trade with bearish sentiment. It expires in 10 day(s) on August 16, 2024. Parties traded 49 contract(s) at a $165.00 strike. The total cost received by the writing party (or parties) was $42.6K, with a price of $870.0 per contract. There were 748 open contracts at this strike prior to today, and today 188 contract(s) were bought and sold. 
• For FDX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>), we notice a call option sweep that happens to be bullish, expiring in 136 day(s) on December 20, 2024. This event was a transfer of 34 contract(s) at a $300.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $62.8K, with a price of $1845.0 per contract. There were 500 open contracts at this strike prior to today, and today 79 contract(s) were bought and sold. 
• Regarding ENVX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>), we observe a put option trade with bearish sentiment. It expires in 45 day(s) on September 20, 2024. Parties traded 40 contract(s) at a $19.00 strike. The total cost received by the writing party (or parties) was $31.6K, with a price of $790.0 per contract. There were 474 open contracts at this strike prior to today, and today 50 contract(s) were bought and sold. 
• Regarding ZIM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>), we observe a call option trade with bullish sentiment. It expires in 528 day(s) on January 16, 2026. Parties traded 40 contract(s) at a $12.50 strike. The total cost received by the writing party (or parties) was $30.0K, with a price of $750.0 per contract. There were 16726 open contracts at this strike prior to today, and today 40 contract(s) were bought and sold. 
• For SPR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>), we notice a call option sweep that happens to be bearish, expiring in 164 day(s) on January 17, 2025. This event was a transfer of 30 contract(s) at a $18.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $46.5K, with a price of $1540.0 per contract. There were 183 open contracts at this strike prior to today, and today 33 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

BLDR

ENVX

LYFT

10 Industrials Stocks Whale Activity In Today's Session

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SPR INVESTOR ALERT: Bronstein, Gewirtz and Grossman, LLC Announces an Investigation into Spirit Aerosystems Holdings, Inc. and Encourages Investors to Contact the Firm!

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