Volatility in the stock market has been at heightened levels, with Friday's sizable gains helping to offset bigger losses earlier last week. However, it appeared that investors were ready for a bit of a rest coming into the new week. As of 8:30 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were down just 1 point to 32,119. S&P 500 (SNPINDEX: ^GSPC) futures had eased lower by 7 points to 4,012, while Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had fallen 44 points to 12,338.
Spirit Airlines (NYSE: SAVE) got a big premarket boost on Monday morning on news that JetBlue Airways (NASDAQ: JBLU) hasn't given up in its efforts to acquire the discount airline. Meanwhile, however, one company in the biopharmaceutical industry saw massive losses despite announcing a sizable transaction with a key treatment.
Shares of Spirit Airlines moved higher by nearly 14% in premarket trading Monday. Shareholders got word that JetBlue had made a tender offer for their shares, bypassing an unwilling board of directors in a hostile takeover attempt.
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JetBlue Goes Hostile on Spirit, but This Biopharma's Getting Hit Hard