Spirit Airlines’ stock falls 4% after company cuts Q3 guidance to reflect promotional activity and higher fuel costs

Spirit Airlines Inc.’s stock SAVE, -1.14% tumbled 4% in premarket trade Wednesday, after the discount carrier lowered its third-quarter guidance to reflect increased promotional activity for travel in the second half and aa recent spike in fuel prices. “During the last few weeks, the company has seen heightened promotional activity with steep discounting for travel booked for the second half of the third quarter through the pre-Thanksgiving travel period,” Spirit said in a regulatory filing.

makes concessions to attempt to get its mooted merger with Spirit back on regulatory track. Spirit’s stock has fallen 11% in the year to date, while the U.S. Global JETS ETF JETS, -0.05% has gained 8% and the S&P 500 SPX, -0.57% has gained 16.2%.

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