Spirit Airlines Stock Falls Amid Plan To Furlough Pilots

Shares of Spirit Airlines (SAVE) fell further Friday, a time aft nan fund hose said it would furlough astir 240 pilots and reported a wider-than-forecast quarterly loss.

Spirit connected Thursday posted a $192.9 cardinal second-quarter loss, acold larger than nan $2.3 cardinal nonaccomplishment successful nan prior-year period, and said nan furloughs would return effect starting Sept. 1. Shares closed much than 8% little and were down a further 3% to $2.69 arsenic of 10:45 a.m. ET Friday.

Furlough Plan Comes successful Wake of JetBlue Merger Collapse

Smaller airlines for illustration Spirit person been struggling pinch soaring costs successful a home hose manufacture dominated by 4 large players: American Airlines (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and United Airlines (UAL). Last week, Southwest said it would wantonness its longtime argumentation of open seating successful an effort to "increase gross opportunities" amid unit from activistic investor Elliott Investment Management.

A $3.8 cardinal merger pinch rival JetBlue (JBLU) that would person fixed Spirit much heft was called off successful March aft a federal judge blocked nan deal.  

Earlier this week, Spirit announced plans to connection much premium services arsenic it intends to boost revenue.