We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Strength Seen in Spirit (SAVE): Can Its 17.2% Jump Turn into More Strength?
Read MoreHide Full Article
Spirit (SAVE - Free Report) shares soared 17.2% in the last trading session to close at $6.68. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 65.4% loss over the past four weeks.
The uptick followed Spirit Airlines' statement that it disagrees with the recent U.S. District Court’s verdict to block the deal with JetBlue Airways citing competition concerns. SAVE believes that a combination provides the best opportunity to increase competition and choice by bringing in low fares and great service. The companies have jointly filed a notice of appeal with the to the United States Court of Appeals for the First Circuit.
This airline is expected to post quarterly loss of $1.59 per share in its upcoming report, which represents a year-over-year change of -1425%. Revenues are expected to be $1.3 billion, down 6.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Spirit, the consensus EPS estimate for the quarter has been revised 2.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SAVE going forward to see if this recent jump can turn into more strength down the road.
Spirit is part of the Zacks Transportation - Airline industry. Southwest Airlines (LUV - Free Report) , another stock in the same industry, closed the last trading session 0.1% lower at $29.99. LUV has returned 1.5% in the past month.
For Southwest, the consensus EPS estimate for the upcoming report has changed +14.6% over the past month to $0.11. This represents a change of +129% from what the company reported a year ago. Southwest currently has a Zacks Rank of #3 (Hold).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Strength Seen in Spirit (SAVE): Can Its 17.2% Jump Turn into More Strength?
Spirit (SAVE - Free Report) shares soared 17.2% in the last trading session to close at $6.68. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 65.4% loss over the past four weeks.
The uptick followed Spirit Airlines' statement that it disagrees with the recent U.S. District Court’s verdict to block the deal with JetBlue Airways citing competition concerns. SAVE believes that a combination provides the best opportunity to increase competition and choice by bringing in low fares and great service. The companies have jointly filed a notice of appeal with the to the United States Court of Appeals for the First Circuit.
This airline is expected to post quarterly loss of $1.59 per share in its upcoming report, which represents a year-over-year change of -1425%. Revenues are expected to be $1.3 billion, down 6.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Spirit, the consensus EPS estimate for the quarter has been revised 2.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SAVE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Spirit is part of the Zacks Transportation - Airline industry. Southwest Airlines (LUV - Free Report) , another stock in the same industry, closed the last trading session 0.1% lower at $29.99. LUV has returned 1.5% in the past month.
For Southwest, the consensus EPS estimate for the upcoming report has changed +14.6% over the past month to $0.11. This represents a change of +129% from what the company reported a year ago. Southwest currently has a Zacks Rank of #3 (Hold).