TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Spirit Airlines has a positive outlook on its future.
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00:00 I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04 Stocks were very little changed on Friday as investors spent the session guessing
00:09 what a strong jobs report means for next week's Federal Reserve meeting. The US economy added
00:14 272,000 jobs in May. Most of the hiring came in health care, government and leisure and hospitality.
00:21 Meanwhile, take-home pay jumped 4% from a year ago. On the downside, however, the unemployment rate ticked higher to 4%
00:29 for the first time since January 2022.
00:32 There's more than just a Fed meeting to consider in the coming week.
00:36 Updates on consumer and producer prices will give insight on inflation and eyes will be on Apple's annual developers conference for its AI
00:44 strategy.
00:46 Looking now at other news, bankruptcy is not on the table for Spirit Airlines. Company CEO Ted Christie made that
00:53 declaration at the company's annual shareholder meeting. There is speculation the discount carrier is in financial trouble after a federal judge blocked JetBlue's
01:01 takeover deal in January.
01:03 Christie told investors, "We are proudly executing to our plan as we've exited the merger agreement with JetBlue and are
01:12 encouraged by the initial results of our standalone plan."
01:15 S&P Global Ratings sounded the alarm on June 5th, warning Spirit could have trouble paying a
01:21 $1.1 billion loyalty bond due in 2025 and a $500 million convertible note that comes due in 2026.
01:29 Spirit is doing what it can to recalibrate after the blocked JetBlue deal. It is delaying some new plane deliveries and
01:36 relaxing numerous add-on fees that may have convinced travelers to consider competitors.
01:43 That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittins with the Street.
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