Spirit Airlines (SAVE) and American Airlines (AAL) slash their third-quarter outlooks over rising jet fuel prices. Cyberattacks have left Las Vegas casinos and hotels like MGM Grand (MGM) limiting their daily operations 3M (MMM) shares slide after lowering sales guidance on China’s slower-than-expected economic recovery.
Yahoo Finance Live anchor Seana Smith breaks down several of the day’s biggest stories.
Video Transcript
– Well, it is closing time here at Yahoo Finance. And here’s a look at some of the top stories of the day. Airline stocks facing turbulence in today’s session. Two more airlines, Spirit and American Airlines, slashing their third quarter outlooks and warning that jet fuel costs will be higher than previously forecast. Spirit’s saying that it was also hurt by a deep promotional environment, while American said a new pilot contract would affect labor costs.
Parts of the Las Vegas strip going dark because of cyberattacks. MGM has had to limit operations for days after a cyber incident on Sunday. Everything from slot machines to digital hotel keys have been down. The company also saying that this could have a material impact on its results. Now, separately, Caesars just announcing it made a ransom payment to cyber attackers late this summer.
And shares of industrial giant 3M slumping in today’s session, the company lowering its sales guidance for the current quarter, blaming a slow economic recovery in China. It’s also sees a slow growth environment for 2024 and warned of weakness in its electronics and consumer segments.
