Spirit Airlines, Inc. SAVE stock is trading higher Thursday. The move marks a break from the stock's recent downtrend caused by ongoing pressure on airlines.
What To Know: Airline stocks have suffered over the past week after Spirit, Frontier and American lowered their financial outlook amid rising fuel costs.
Spirit Airlines updated its third-quarter guidance last Wednesday, with total revenue now expected to be between $1.245 billion and $1.255 billion, from between $1.300 billion and $1.320 billion, versus a consensus of $1.32 billion. The company expects fuel costs to be $3.60, compared to the previous estimate of $2.80.
However, Spirit Airlines broke the downward trend Thursday, rising over 5%. The move was backed by above-average trading volume of 2.55 million shares compared to its average volume of 1.55 million.
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SAVE Price Action: Shares of SAVE were up 5.53% at $16.32 at the time of publication, according to Benzinga Pro.
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