Spirit Airlines (SAVE 25.78, -1.14): -4.2% after confirming an unsolicited proposal from JetBlue Airways (JBLU 13.13, -0.51, -3.7%) for an all-cash acquisition transaction valued at $33.00/share, implying a fully diluted equity value of $3.6 billion. Recall, Spirit previously agreed to merge with Frontier (ULCC 11.79, -0.13, -1.1%).
RPM Inc. (RPM 83.00, -0.12): -0.1% despite beating top and bottom-line estimates and guiding Q4 revenue above consensus.
Simply Good Foods (SMPL 39.99, +1.59): +4.1% after beating top and bottom-line estimates and providing in-line FY22 revenue guidance.
Avis Budget (CAR 265.00, -11.71): -4.2% after the stock was downgraded to Underperform from Neutral at BofA Securities. Transportation stocks have had a noticeably weak start to the month.