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☆ DoJ sues to block JetBlue, Spirit Airlines merger
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: 1 min
March 7 (Reuters) - The U.S. Justice Department filed a lawsuit to stop JetBlue Airways (JBLU.O) from buying Spirit Airlines (SAVE.N), saying that the planned merger "would put travel out of reach for many cost-conscious travelers". [1/7] Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/Illustrations 1 2 3 4 5JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its $3.8 billion merger offer in late July last year but the acquisition had been expected to face a tough antitrust review from the beginning. Below are the key events of the takeover saga:Reporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
☆ US sues to stop JetBlue's deal for Spirit, cites consumer harm
  + stars: | 2023-03-07 | by ( Diane Bartz David Shepardson | Diane Bartz | David Shepardson | ) www.reuters.com   time to read: +2 min
The complaint, which was filed in Boston federal court, said that JetBlue planned to remove 10% to 15% of seats from every Spirit plane. "Fewer seats means fewer passengers - and higher prices for those who can still afford to make their way onto the plane. Spirit shares were up about 1.8% on Tuesday after dipping the previous day on expectations of a lawsuit. JetBlue had previously said it expected the deal to close in early 2024, leaving time for litigation if necessary. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July.
☆ US sues to stop JetBlue from buying Spirit Airlines
  + stars: | 2023-03-07 | by ( Diane Bartz David Shepardson | Diane Bartz | David Shepardson | ) www.reuters.com   time to read: +2 min
WASHINGTON, March 7 (Reuters) - The U.S. Justice Department filed a lawsuit on Tuesday to stop JetBlue Airways (JBLU.O) from buying Spirit Airlines <SAVE.N>, saying that the planned merger "would put travel out of reach for many cost-conscious travelers." The complaint, which was filed in Boston federal court, said that JetBlue planned to remove 10% to 15% of seats from every Spirit plane. This is unlikely to stop business travelers flying on corporate expense accounts, but would put travel out of reach for many cost-conscious travelers," the complaint said. JetBlue had previously said it expected the deal to close in early 2024, leaving time for litigation if necessary. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July.
☆ U.S. to announce antitrust enforcement action on Tuesday
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: 1 min
WASHINGTON, March 7 (Reuters) - The U.S. Department of Justice will announce an antitrust enforcement action later on Tuesday, the department said without giving any additional about the companies or industry involved. The announcement is scheduled for 11:30 a.m., the department said in an advisory. On Monday, JetBlue Airways Corp (JBLU.O) said it believes there is a "high likelihood" the department will file an antitrust lawsuit this week to block its $3.8 billion takeover of low-cost rival Spirit Airlines Inc (SAVE.N). Reporting by Susan Heavey and Diane BartzOur Standards: The Thomson Reuters Trust Principles.
☆ Justice Department Sues to Block JetBlue From Buying Spirit Airlines
  + stars: | 2023-03-07 | by ( Dave Michaels | Andrew Tangel | ) www.wsj.com   time to read: 1 min
The Justice Department filed a lawsuit seeking to block JetBlue Airways Corp. from merging with Spirit Airlines Inc., arguing the deal would stifle competition and lead to higher fares for tens of millions of travelers. Justice Department officials said JetBlue’s proposed takeover would exacerbate concentration in the U.S. airline industry, eliminating the country’s largest ultra-low-cost competitor to major carriers and reducing available capacity.
☆ Justice Department sues to block JetBlue’s acquisition of Spirit Airlines
  + stars: | 2023-03-07 | by ( Leslie Josephs | ) www.cnbc.com   time to read: +3 min
The Justice Department on Tuesday sued to block JetBlue Airways ' $3.8 billion proposed takeover of budget carrier Spirit Airlines , the Biden administration's latest attempt to prevent industry consolidation. Spirit Airlines agreed to sell itself to JetBlue last summer after a long battle for the carrier between JetBlue and Frontier Airlines . A JetBlue-Spirit combination would be the first major U.S. airline merger since Alaska Airlines' takeover of Virgin America in 2016. The Justice Department at the time required Alaska to scale back its code share with American Airlines to clear the deal. Separately, JetBlue is awaiting a ruling on its Northeast partnership with American Airlines, which the Justice Department sued to undo in 2021.
☆ JetBlue's takeover of Spirit Airlines may have begun to hit some turbulence
  + stars: | 2023-03-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJetBlue's takeover of Spirit Airlines may have begun to hit some turbulenceCNBC's Phil LeBeau reports on what would be the largest major airline merger since 2016.
☆ Elizabeth Warren leads cavalry into deal battles
  + stars: | 2023-03-07 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
It would be the third curious regulatory intervention in recent weeks, each encouraged by Democratic Senator Elizabeth Warren. In a September letter to Transportation Secretary Pete Buttigieg, Warren argued that the DOT should use its own tools, specifically in the Spirit situation. UnitedHealth (UNH.N) beat back a federal lawsuit against its plan to buy Change Healthcare; Facebook owner Meta Platforms (META.O) shrugged off an FTC attempt to stop its purchase of fitness app developer Within. JetBlue says it built time for a lawsuit into the Spirit merger agreement. As the senator charges up the competition cavalry, dealmakers may have to redraw their battle plans.
☆ Factbox: JetBlue-Spirit deal flies into Biden administration's tough scrutiny
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: 1 min
March 7 (Reuters) - The $3.8 billion merger between JetBlue Airways Corp (JBLU.O) and Spirit Airlines Inc (SAVE.N) is in the crosshairs of the U.S. Justice Department, making it the latest major deal to attract tough regulatory scrutiny. Large deals, including Nvidia Corp's (NVDA.O) bid to buy UK-based chip firm Arm Ltd, have been abandoned following regulatory hurdles. Here is a list of some mergers that faced strong antitrust scrutiny under the Biden regime:DEALS UNDER SCRUTINYDEALS BLOCKED & ABANDONEDDEALS THAT WENT THROUGHReporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
☆ Spirit-JetBlue merger: Here's why DOJ is concerned about this deal
  + stars: | 2023-03-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpirit-JetBlue merger: Here's why DOJ is concerned about this dealBill Baer, visiting fellow at the Brookings Institution, joins 'Squawk Box' to discuss the merger between JetBlue and Spirit Airlines, JetBlue's stance in this battle, and more.
☆ JetBlue combining with Spirit would make airfare more expensive, US says in lawsuit filed to block a merger
  + stars: | 2023-03-07 | by ( Taylor Rains | Dennis Green | ) www.businessinsider.com   time to read: +4 min
The Department of Justice filed an antitrust lawsuit against JetBlue Airways on Tuesday. The lawsuit seeks to block JetBlue's acquisition of Spirit Airlines. "JetBlue has recognized that its own fares and revenues on a route drop significantly when Spirit enters," the DOJ says. "The Big Four airlines have a lock on about 80% of the market," JetBlue says. The Tuesday lawsuit said that the agreement with American constitutes a "de facto merger" with the world's largest airline, citing language used by Spirit before the merger.
☆ Justice sues to block JetBlue purchase of Spirit Airlines
  + stars: | 2023-03-07 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
The Justice Department is suing to prevent that from happening,” said Garland. “Companies in every industry should understand by now that this Justice Department will not hesitate to enforce antitrust laws and protect American consumers.”But over the last 22 years, the Justice Department has allowed a series of five airline mergers without a suit like the one announced Tuesday. “The combination of JetBlue and Spirit plus the rapid growth of ultra low cost carriers will assure increased competition and low fares,” said a statement from JetBlue. But it has been fighting a separate lawsuit from the Justice Department challenging an alliance it has with American Airlines for nearly 18 months. The Justice Department filed this case in federal court in Boston.
☆ JetBlue, Spirit deal faces 'high likelihood' of U.S. lawsuit
  + stars: | 2023-03-06 | by ( Diane Bartz David Shepardson | Diane Bartz | David Shepardson | ) www.reuters.com   time to read: +3 min
WASHINGTON, March 6 (Reuters) - JetBlue Airways Corp (JBLU.O) said on Monday it believes there is a "high likelihood" the U.S. Justice Department will file an antitrust lawsuit this week to block its $3.8 billion takeover of low-cost rival Spirit Airlines Inc (SAVE.N). JetBlue said in a statement that it accounted for the possibility of a lawsuit when it provided a timeline to close the deal in the first half of 2024. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July. JetBlue Chief Executive Robin Hayes said on Monday he expected a government lawsuit to stop the deal and that the company would fight it, the Wall Street Journal reported. JetBlue is also awaiting the outcome of a lawsuit filed by the U.S. Justice Department which asks the court to force JetBlue and American to scrap its Northeast Alliance.
☆ JetBlue, Spirit Brace for Justice Department Lawsuit to Block Airlines’ Merger
  + stars: | 2023-03-06 | by ( Andrew Tangel | ) www.wsj.com   time to read: 1 min
JetBlue Airways Corp. is bracing for the Justice Department to try to block the airline’s planned takeover of Spirit Airlines Inc. in the coming days, JetBlue’s chief executive said Monday. Robin Hayes , CEO of New York-based JetBlue, said the U.S. government’s antitrust regulators have seemed intent on stopping the merger from the outset, while the airlines’ arguments that merging will increase, rather than undermine, competition among the nation’s biggest airlines and reduce overall airfares.
☆ JetBlue sees 'high likelihood' of U.S. lawsuit to block Spirit deal
  + stars: | 2023-03-06 | by ( Diane Bartz David Shepardson | Diane Bartz | David Shepardson | ) www.reuters.com   time to read: +2 min
WASHINGTON, March 6 (Reuters) - JetBlue Airways (JBLU.O) said Monday it believes the U.S. Justice Department has a "high likelihood" of filing an antitrust lawsuit this week to block its $3.8 billion takeover of low-cost rival Spirit Airlines Inc (SAVE.N). "We have always accounted for that in our timeline to close the transaction in the first half of 2024," JetBlue said in a statement to Reuters. The Transportation Department, which is also reviewing the deal, is expected to take parallel action to stop the planned transaction, Bloomberg News reported said. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July. JetBlue Chief Executive Robin Hayes said on Monday he expected a government lawsuit to stop the deal and that the company would fight it, the Wall Street Journal reported.
☆ 10 people were injured on a Spirit Airlines flight after a battery fire, report says
  + stars: | 2023-03-02 | by ( Britney Nguyen | ) www.businessinsider.com   time to read: +3 min
A Spirit flight had to make an emergency stop after a battery fire on board, WTLV reported. Spirit told an NBC affiliate that the battery fire was believed to be "from a guest item." "All of a sudden just a ton of smoke came out," Kerri Arakawa, a passenger on the plane, told the news outlet. Insider was unable to confirm whether the battery was attached to a vape, but Spirit told WTLV in a statement that the battery fire was believed to be from a "guest item in an overhead bin." Prosswimmer told Insider that he believed the fire was caused by a "battery charging pack," but could not confirm whether it was attached to a vape.
☆ Delta pilots wrap voting on new contract with big raises
  + stars: | 2023-03-01 | by ( Leslie Josephs | ) www.cnbc.com   time to read: +2 min
Delta and the pilots' union had reached a preliminary agreement in December. The Delta pilots are expected to approve the deal Wednesday. United , American and Southwest pilots' unions are still in negotiations. Contract talks between airlines and labor unions have been fraught at times, as aviators seek higher pay and better schedules. Alaska Airlines pilots won raises in their latest labor deal last year.
☆ Spring break gets pricey as travelers return to old booking habits
  + stars: | 2023-02-21 | by ( Leslie Josephs | ) www.cnbc.com   time to read: +3 min
Spring break travel demand is picking up, driving up airfare and hotel rates. Airlines, grappling with pilot shortages and aircraft delivery delays, have already limited capacity growth, which is keeping airfare up from last year. Now travelers are going back to booking patterns common before the pandemic, flying on peak days to traditional destinations, airline executives say. That makes it even more important for travelers to stay flexible if they're trying to save money to avoid spikes in fares. Spring break demand is "probably the best we've ever seen," Frontier Airlines CEO Barry Biffle said in an interview.
☆ Biden administration moving toward blocking JetBlue-Spirit merger - Politico
  + stars: | 2023-02-10 | by ( ) www.reuters.com   time to read: +1 min
"We continue to work through the regulatory process to demonstrate how this merger will increase competition in the airline industry," JetBlue said in an emailed statement. Earlier this week, JetBlue officials answered questions and gave depositions as the DoJ pressed on with its anti-trust review. On Feb. 8, Spirit Airlines said it expects U.S. anti-trust regulators to decide whether to allow the low-cost carrier to proceed with the merger in the "next 30 days or so". JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its offer in late July. Reporting by Manya Saini in Bengaluru; Additional reporting by Sourasis Bose; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
☆ Biden says airlines can’t treat kids like 'piece of baggage'
  + stars: | 2023-02-08 | by ( David Shepardson | ) www.reuters.com   time to read: +2 min
Feb 7 (Reuters) - President Joe Biden on Tuesday harshly criticized U.S. airlines saying they were charging families unfair fees and vowing to implement new consumer protections. "Baggage fees are bad enough – airlines can’t treat your child like a piece of baggage." Airlines for America (A4A), a group representing Delta Air Lines (DAL.N), United Airlines (UAL.O), American Airlines (AAL.O), Southwest Airlines (LUV.N) and others said Tuesday its member carriers do not charge fees to sit together. Biden touted regulations the Transportation Department is drafting to make "airlines show you the full ticket price upfront and refund your money if your flight is canceled or delayed." Biden in September touted his administration's "cracking down" on U.S. airlines to improve treatment of passengers after they updated customer service plans.
☆ Stocks making the biggest moves premarket: Chegg, Baidu, Bed Bath & Beyond, Hertz and more
  + stars: | 2023-02-07 | by ( Sarah Min | ) www.cnbc.com   time to read: +3 min
The company gave first-quarter and full-year revenue guidance that was below analyst expectations, according to Refinitiv. Bed Bath & Beyond — Shares plunged 30% after Bed Bath & Beyond announced a public offering to raise roughly $1 billion. Hertz — Shares gained more than 4% after Hertz reported results that beat earnings per share and revenue expectations, according to FactSet. DuPont de Nemours — Shares declined 2% after DuPont de Nemours posted earnings results from its most recent quarter. Leggett & Platt — Shares fell more than 1% after Leggett & Platt reported disappointing earnings results, according to consensus expectations on FactSet.
☆ Here's why the US economy won't fall into a recession this year or next, according to a key market signal
  + stars: | 2023-02-07 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
In that case, it may be wise to heed a key bond market signal that's saying we'll avoid a recession after all. But if you look at the bond market, there's a clear answer that seems to be forming: The US economy won't enter a downturn this year or next. That's because the spread between corporate bonds and Treasury yields is steadily narrowing, according to DataTrek Research. The spread between corporate bond yields and US Treasuries helps measure the risk appetite of bond traders. Strategists warned that markets have yet to price in an earnings recession, which could pose a major headwind in 2023.
☆ Spirit Airlines says expects DOJ decision on JetBlue merger in around 30 days
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +1 min
Feb 7 (Reuters) - Spirit Airlines Inc (SAVE.N) said on Tuesday it expects U.S. antitrust regulators to decide whether to allow the low-cost carrier to proceed with its $3.8 billion merger with JetBlue Airways Corp (JBLU.O) in the "next 30 days or so." "We are now waiting to see whether the Department of Justice (DOJ) filed suit to block the deal or allows us to proceed," Spirit CEO Edward Christie said during an investor call. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its deal. Spirit had cited the Justice Department lawsuit as a reason to fear regulators blocking its sale to JetBlue when it was trying to persuade Spirit shareholders to back the deal with Frontier Airlines Holding Inc instead. JetBlue had acknowledged that the regulatory process could be drawn out and it did not expect the deal to be completed before December 2023.
☆ Stocks making the biggest moves after hours: Pinterest, Chegg, Take-Two Interactive and more
  + stars: | 2023-02-06 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
Chegg — Chegg shares sank 20% in extended trading after sharing weaker-than-expected first-quarter and full-year revenue guidance, according to Refinitiv. Skyworks Solutions — The semiconductor stock gained 3% in extended trading after announcing a $2 billion share buyback program. ZoomInfo reported better-than-expected earnings and revenue, according to FactSet. Leggett & Platt — Shares of Leggett & Platt fell more than 5% in extended trading after fourth-quarter earnings came in below analysts' expectations, according to FactSet. Full-year per-share earnings guidance for the home and automobile products manufacturer also fell short of analysts' expectations.
☆ Spirit Airlines beats estimates on strong travel demand
  + stars: | 2023-02-06 | by ( ) www.reuters.com   time to read: +1 min
Feb 6 (Reuters) - Ultra low-cost carrier Spirit Airlines Inc (SAVE.N) posted better-than-expected quarterly results on Monday, fueled by strong demand for air travel despite ongoing economic concerns. Shares of Spirit rose over 7% to $21 in aftermarket trade. U.S. airlines have been trying to cash in on strong demand for air travel, undeterred by rising interest rates and a looming recession, as pandemic restrictions ease. Spirit earned $0.12 per share on an adjusted basis, above analyst estimates of $0.04 per share, according to Refinitiv data. The Miramar, Florida-based airline's total operating revenue in the quarter rose nearly 41% to $1.39 billion, compared with analysts' estimates of $1.38 billion.
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