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Spirit Airlines files for chapter 11 bankruptcy protection
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Spirit Airlines files for chapter 11 bankruptcy protection

By Elizabeth Pritchett , Pilar Arias | Fox Business Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday. The filing comes after two failed mergers in less than two years – one recently with Frontier and another earlier in 2024 with JetBlue – which left the ultra-low-cost carrier in a bind after repetitive quarterly losses. In October, Spirit announced plans to sell multiple aircraft and lay off workers as it tried to raise cash and revive operations. READ THE FULL STORY AT FOX BUSINESS
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Musk and Ramaswamy’s DOGE opens hiring on X
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Musk and Ramaswamy’s DOGE opens hiring on X

By Eric Revell  | Fox Business The Department of Government Efficiency (DOGE), which President-elect Trump put Elon Musk and Vivek Ramaswamy in charge of, announced on Thursday that it is opening up hiring to interested candidates. DOGE wrote in a post on Musk-owned X that those who want to work on its cost-cutting push should send their résumés via direct message on X. To send a DM to the DOGE account, users are currently required to be verified, which entails at least an $8-per-month premium X subscription. "We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE. We don't need more part-time idea generators. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous c...
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Former Chrysler exec says Trump’s win is prompting CEOs to move out of China
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Former Chrysler exec says Trump’s win is prompting CEOs to move out of China

By Taylor Penley  | Fox Business President-elect Donald Trump's landslide victory over Vice President Harris is already sending shockwaves through the business world as executives have looked to move production out of China since last week, former Home Depot and Chrysler CEO Bob Nardelli told FOX Business. "I think he's [Trump] going to be very positive about growth. He's going to be very protective. He's going to try to re-shore onshore stuff out of China," he said Tuesday on "Mornings with Maria." "Big discussion yesterday about the supply issue, basically superseding the domestic demand issue in China, so a lot of the companies I'm talking to and CEOs are already looking at how they're going to move out of China, either onshore, back to the U.S., or re-shore to another favorab...
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US stocks saw biggest inflow since June on day of Trump’s election win: Bank of America
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US stocks saw biggest inflow since June on day of Trump’s election win: Bank of America

By  Breck Dumas | Fox Business Investors poured $20 billion into U.S. equity funds on Wednesday after President-elect Donald Trump was declared the winner of the presidential election, according to Bank of America. The bank's strategists, led by Michael Hartnett, reported that it was the biggest daily stock inflow since June, and the $2.9 billion that flooded into financials was the highest on record. The note said the biggest picture is that "Trump won big, as US voters cared more about inflation, inequality…immigration than low unemployment," and the Republicans' "big sweep" equates to "big policies," with the potential for $8 trillion in tax cuts, $3 trillion in tariff revenues and $1 trillion in spending cuts. READ THE FULL STORY AT FOX BUSINESS
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Steve Madden announces plan to ‘rapidly’ move production out of China following Trump election win
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Steve Madden announces plan to ‘rapidly’ move production out of China following Trump election win

By Kristen Altus  | Fox Business Steve Madden’s CEO announced on a post-earnings call Thursday — less than 48 hours after Trump’s victory — that the retailer has put a "plan into motion" that cuts Chinese sourcing up to 45%. "You should expect to see the percentage of goods that we source from China to begin to come down more rapidly going forward," CEO Edward Rosenfeld said. The trendy shoe retailer also noted it would focus more of its operations at factory bases in Brazil, Mexico, Vietnam and Cambodia. READ THE FULL STORY AT FOX BUSINESS
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Trump’s White House win sends Dow up 1,000 points
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Trump’s White House win sends Dow up 1,000 points

By Suzanne O'Halloran  | Fox Business U.S. stocks soared Wednesday as Donald Trump defeated Vice President Kamala Harris in one of the most contentious elections in U.S. history.  The Dow Jones Industrial Average jumped over 1,300 points midday Wednesday, continuing the climb seen in the pre-market session after the president elect took the stage at his headquarters in Florida early morning, thanking his supporters and promising to restore the country.  "We're going to pay you back. We are going to do the best job. We're going to turn it around. It's got to be turned around, and it's got to be turned around fast. And we're going to turn it around" said Trump.  READ THE FULL STORY AT FOX BUSINESS
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Stock market would crash under Harris’ tax plan, billionaire hedge fund manager warns
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Stock market would crash under Harris’ tax plan, billionaire hedge fund manager warns

By Kristen Altus  | Fox Business A potential Trump nominee for U.S. Treasury secretary, who also happens to be a billionaire hedge fund manager, has explained how Vice President Kamala Harris’ tax plan could send markets into a quick plunge. "In the early parts of her campaign, she was supportive of the tax on unrealized gain[s]. And if that was implemented, I think it would be devastating for the markets and cause a market crash," Paulson & Co. President and founder John Paulson said on "Cavuto: Coast to Coast," Monday. "Harris says she wants to raise taxes on capital gains from 20% to 28%. The corporate tax rate, she wants to go from 21% to 28%, Paulson added. "But the one big one, she wants to tax unrealized gains." READ THE FULL STORY AT FOX BUSINESS
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Manufacturing sector sheds 78K jobs in last three months
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Manufacturing sector sheds 78K jobs in last three months

By  Eric Revell | Fox Business The manufacturing sector continued to shed jobs in October, bringing its tally of job losses to 78,000 over the past three months. The Labor Department's Bureau of Labor Statistics on Friday released its jobs report for October, which found that the manufacturing sector lost 46,000 jobs last month, according to the agency's preliminary analysis. That followed a loss of 6,000 jobs in September, which is also a preliminary figure, as well as a decline of 26,000 jobs in August. READ THE FULL STORY AT FOX BUSINESS
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Wendy’s to close 140 restaurants by the end of the year
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Wendy’s to close 140 restaurants by the end of the year

By Daniella Genovese  | Fox Business Fast food giant Wendy's is shuttering 140 underperforming locations through the end of 2024 as it looks to improve its "restaurant footprint and overall system health."  To counter the closures, though, the Ohio-based company is working to replace many of these units with "new restaurants at better locations with significantly improved sales and profitability," Wendy's CEO Kirk Tanner told analysts on its third quarter earnings call.  The company thoroughly reviewed individual restaurants to ensure they meet sales expectations and are profitable enough to support growth, and said that the locations closing are "outdated and in underperforming areas," with operating margins far below the system average, Tanner said. READ THE FULL STORY A...
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US economy grew 2.8% in the third quarter, slower than expected
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US economy grew 2.8% in the third quarter, slower than expected

By Eric Revell  | Fox Business The U.S. economy grew slightly slower than expected in the third-quarter amid easing inflation and strong consumer spending. The Commerce Department's Bureau of Economic Analysis released its advance estimate for third-quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.8% in the third-quarter, which runs from July through September. Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The report also finalized second-quarter growth at 3%. Consumer spending, which accounts for about two-thirds of GDP, was up 3.7% in the third-quarter and accelerated from 2.8% in the second-quarter.  READ THE FULL STORY AT FOX BUSINESS
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