Spirit Airlines today filed for Chapter 11 bankruptcy protection
Spirit Airlines Inc (SAVE) today filed for Chapter 11 bankruptcy protection amid mounting losses and $1.1 billion in debt. Below, let’s dig into how sector peers American Airlines Group Inc (NASDAQ:AAL), Delta Air Lines, Inc. (NYSE:DAL), and United Airlines Holdings Inc (NASDAQ:UAL) are faring amid their discount competitor’s demise.
AAL was last seen down 0.8% to trade at $14.28, on track to mark its first loss in the last four sessions as higher oil prices amid escalating tensions between Russia and Ukraine weigh on the airline industry. Shares still boast a 16.2% year-over-year lead, but a ceiling appears to be emerging at the $14.50 level.
Delta Air Lines stock is down 0.8% to trade at $63.46 at last check. The equity is pulling back from its Nov. 14, record closing high of $64.85, but still boasts a healthy 57.6% year-to-date lead, and has not closed below its ascending 20-day moving average once since late August.
Boasting a 119.4% gain so far in 2024, UAL is also taking a breather from its Nov. 14, all-time closing high of $91.16 as it looks to snap a three-day win streak. Shares were last seen down 0.5% at $14.33, but remain above all relevant long- and short-term moving averages.