November 13, 20240 Comments

Spirit Airlines might really go bankrupt this time — and the stock plunges 57%

Spirit Airlines (SAVE) stock was sinking sharply Wednesday, after a report late Tuesday indicated that the ultra-low-cost carrier is preparing to file for bankruptcy. The Wall Street Journal (NWSA), citing unnamed sources familiar with the matter, reports that the bankruptcy talks come after a potential merger with Frontier Airlines fell apart. A bankruptcy filing could happen within weeks, The Journal reports, as the airline has faced steep losses and looming

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November 13, 20240 Comments

Planet Fitness loses 11th hour bid to acquire bankrupt Blink

In an aerial view, customers leave a Planet Fitness gym on May 09, 2024 in Richmond, California.  Justin Sullivan | Getty Images Planet Fitness lost its bid in bankruptcy court to acquire budget fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness placed its competing eleventh hour bids early this month during a 48-hour challenge window. The two higher bids came after it lost out in

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November 13, 20240 Comments

U.S. inflation rose 2.6% in October, a month after the Federal Reserve began cutting rates

U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.  That matched forecasts from economists polled by FactSet that the Consumer Price Index rose 2.6% in October. The CPI rose 2.4% in September, when the Fed ushered in a jumbo rate cut of 0.5 percentage points, followed

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November 13, 20240 Comments

OpenAI to present plans for U.S. AI strategy and an alliance to compete with China

In this photo illustration, the OpenAI logo is displayed on a mobile phone screen with a photo of Sam Altman, CEO of OpenAI. Didem Mente | Anadolu | Getty Images OpenAI’s official “blueprint for U.S. AI infrastructure” involves artificial intelligence economic zones, tapping the U.S. Navy’s nuclear power experience and government projects funded by private investors, according to a document viewed by CNBC, which the company plans to present on

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November 13, 20240 Comments

Personal luxury goods market to shrink for first time since GFC

The storefronts of Dolce & Gabbana, Tiffany & Co. and Patek Philippe are seen as people enter Icon Siam, a luxury shopping mall located on the Chao Phraya River, on June 12, 2024 in Bangkok, Thailand.  Lauren Decicca | Getty Images News | Getty Images The personal luxury goods market looks set to face its first slowdown since the Global Financial Crisis this year, as macroeconomic uncertainty and a pronounced

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November 13, 20240 Comments

Citi cuts copper price forecast, says US tariffs, China weakness to hit demand By Investing.com

Investing.com — Citi Research in a note dated Wednesday has revised down its price forecast for the short term, signaling that ongoing trade tensions between the United States and China, coupled with weaker-than-expected economic growth in China, are likely to dampen global demand for copper.  This reassessment projects copper prices falling to $8,500 per metric ton in the near term, down from an earlier forecast of $9,500 per metric ton,

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