US stock futures took a tumble this morning, with the Dow futures dropping by approximately 100 points on Wednesday. The market’s downward trajectory was largely driven by a significant drop in shares of Spirit Airlines, Inc. (SAVE), which plummeted in pre-market trading.
The discount airline announced late Tuesday that it is in discussions with creditors to formulate a restructuring plan. This plan could potentially lead to the cancellation of the company’s equity shares, sending shockwaves through the market. Spirit Airlines shares plummeted by a staggering 62.4% to $1.21 during the pre-market trading session.
Adding to the bearish sentiment were a series of disappointing third-quarter results from several other companies, further weighing on pre-market trading. i-80 Gold Corp. (IAUX) saw its shares fall by 21.3% to $0.7150 after releasing its third-quarter earnings. Groupon, Inc. (GRPN) shares dipped 21.4% to $8.90 following its own third-quarter results announcement.
Technology stocks also felt the pressure. ZoomInfo Technologies Inc. (ZI) saw its shares decline by 13.8% to $11.28 after releasing its third-quarter results. Progyny, Inc. (PGNY) experienced a similar fate, with its shares dropping 12.8% to $14.97 due to weaker-than-expected quarterly results.
Other notable pre-market decliners include Rocket Companies, Inc. (RKT), which fell 12.7% to $13.56 after reporting worse-than-expected third-quarter revenue. Rumble Inc. (RUM) dropped 10.8% to $6.09 due to disappointing third-quarter financial results. Golden Entertainment, Inc. (GDEN) saw its shares fall 10.7% to $30.22 following downbeat sales. Johnson Outdoors Inc. (JOUT) declined by 10.5% to $31.11, while Paysafe Limited (PSFE) fell 8.1% to $23.42 after reporting its quarterly results. Maplebear Inc. (CART) rounded out the pre-market decliners, with its shares dipping 7.1% to $44.90 after releasing its third-quarter results.
The market’s reaction to these developments suggests a growing concern among investors about the health of the economy and corporate earnings. With several key economic indicators on the horizon, including inflation data, the market is poised for further volatility in the coming days.
