Jack Daniel’s maker slides after earnings miss

Jack Daniel’s maker Brown-Forman fell by more than 15% in early trading after it severely missed Wall Street earnings estimates.

The Kentucky-based liquor maker reported earnings per share of $0.31, compared to the $0.34 analysts polled by FactSet were expecting. It also reported $894 million in revenue, compared to the $965.8 million analysts were penciling in.

More bad news: it said it expects organic sales and net income to decline for the full year. Analysts had expected an increase in sales and flat profits.

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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.

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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