Spirit Airlines, Inc. (SAVE - Free Report) was a big mover last session, as the company saw its shares rise more than 10% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $35.37 –$39.61 in the past one-month time frame, witnessed a sharp increase yesterday.
The move came after reports that the company has filed an investor update with the SEC regarding its second-quarter fiscal 2018 sales and cost guidance. It now expects higher sales and lower per unit costs compared with prior forecast.
The company has seen two negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Spirit Airlines currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.
A better-ranked stock in the Transportation sector is Atlas Air Worldwide Holdings, Inc. (AAWW - Free Report) , which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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