markets

Luke Kawa4/21/25

Earnings calls are already referencing “recession” more than the last two reporting periods combined

Earnings season is still in its infancy, but recession worries are in full bloom.

During the first three months of 2025 (the fourth-quarter reporting period), there were just 29 mentions of “recession” on S&P 500 companies’ earnings calls with analysts. That number has already ballooned to above 100 in the second quarter, with the overwhelming majority of members of the benchmark US stock index still yet to report.

To try to get more of an apples-to-apples comparison, let’s zero in on US banks. Over 75% of firms listed in the KBW Bank Index have already had their quarterly calls this season. The 63 mentions of “recession” from this cohort so far extrapolates to about 80, which would be the highest since Q3 2022 (123), when gasoline prices were mooning following Russia’s invasion of Ukraine and the Federal Reserve was aggressively raising interest rates in a bid to tamp down inflation.

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Budget airline stocks dip as Spirit pilots ratify contract that’ll help the carrier stay afloat

Low-cost airlines JetBlue and Frontier are trading lower on Thursday following the news that Spirit Airlines pilots ratified modifications to their labor contract that will lower costs for the carrier, which filed for bankruptcy in August.

According to the Air Line Pilots Association, Spirit pilots approved a deal that included “temporary reductions to pay rates and retirement contributions.” Beginning January 1, hourly pay will be reduced 8% and retirement contributions will drop by half, from 16% to 8%.

“Spirit pilots made a difficult choice that provides the Company with what it needs from labor to secure financing and complete its restructuring,” said Captain Ryan P. Muller, chairman of the Spirit Airlines Master Executive Council.

Wall Street sees JetBlue and Frontier as the biggest beneficiaries to Spirit’s woes, and both carriers have attempted to purchase Spirit in recent years.

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Planet Labs rips on strong earnings report

Satellite services company Planet Labs was on track for a new record closing high after rising more than 35% in early afternoon trading on Thursday.

The roughly $5 billion company posted better-than-expected quarterly results and guided toward higher-than-expected sales for the current quarter after the close of trading Wednesday.

“AI continues to be a major tailwind as the company is seeing significant demand through enhanced capabilities for its advanced satellite data solutions,” wrote Wedbush Securities tech analyst Dan Ives, adding, “We continue to believe the PL is well-positioned at the intersection of Space and AI.” He has an “outperform” — basically a “buy” — rating and a price target of $20 on the stock.

Other satellite services AST SpaceMobile and Rocket Lab also enjoyed a bump on Thursday, seemingly riding the momentum of Planet Labs’ numbers.

Planet Labs Stock Soars After Earnings Report. Why Shares Are Headed to the Moon.

Planet Labs Stock Soars After Earnings Report. Why Shares Are Headed to the Moon.

“AI continues to be a major tailwind as the company is seeing significant demand through enhanced capabilities for its advanced satellite data solutions,” wrote Wedbush Securities tech analyst Dan Ives, adding, “We continue to believe the PL is well-positioned at the intersection of Space and AI.” He has an “outperform” — basically a “buy” — rating and a price target of $20 on the stock.

Other satellite services AST SpaceMobile and Rocket Lab also enjoyed a bump on Thursday, seemingly riding the momentum of Planet Labs’ numbers.

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