Spirit Airlines, Inc. (NASDAQ: SAVE)
Spirit Airlines, Inc. (SAVE), an airline company yesterday announced that they will be adding two more direct flight options from Hartsfield-Jackson Atlanta International Airport (ATL). The two new direct flight option will connect ATL to Minneapolis-St. Paul International Airport (MSP) and Louis Armstrong New Orleans International Airport (MSY). The service for the two new direct flight options will begin on April 14, 2016.
Spirit Airlines, Inc. Executive Comments
“We are extremely excited to announce we’re expanding our low-fare nonstop service from Hartsfield-Jackson Atlanta International Airport (ATL),” said Mark Kopczak, Spirit Airlines’ Vice President of Network Planning. “Spirit’s super low Bare Fares™, with Frill Control™ allow customers to choose only those extras they want to pay for and gives them the most control over their travel budget. By saving on air travel, our customers will have more money left over for when they get to their destination.” Globe Newswire
SAVE Technical Analysis
SAVE gapped up in price yesterday to $39.00, up from the prior day’s close of $38.40, which is a 2% increase on the favorable news. Taking a look at the daily chart, we can see the last time SAVE traded at this price level was on October 23rd, when it traded at highs of $39.79. Taking a further look back on the daily chart, we can see that SAVE has been on an overall decline dating back to April 28th when it traded at $77.88. More recently, SAVE has been rebounding off of its 52 week low price of $32.73 reached on November 16th. SAVE has a float of 71.16 million shares and was trading 1.5 times the normal daily trading volume. SAVE did open at its pre market high. For trading purposes, my entry point would have been $39.10 looking for a run to $40. My stop loss would have been $38.90, fearing anything below that and the stock would start to fill in the gap up.
Spirit Airlines, Inc., incorporated on March 8, 1994, is an airline company. The Company’s all-Airbus fleet operates more than 300 daily flights to 56 destinations in the United States, Caribbean and Latin America. The Company is focused on travelers who pay for their own travel and its ultra low-cost carrier (ULCC) business model provides customers unbundled base fares with a range of optional services.
As of December 31, 2014, the Company’s route network included 151 markets served by 56 airports throughout North America, Central America, South America and the Caribbean. As of December 31, 2014, the Company operated a fleet of 65 aircrafts. The Company operates international services to Aruba, the Bahamas, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Peru and St. Maarten, as well as Puerto Rico and the United States Virgin Islands.
The Company competes with American Airlines, Southwest Airlines, United Airlines, JetBlue Airways and Delta Air Lines. Reuters