Biggest stock movers Monday: BA, SAVE, and more

Stock futures edged lower Monday morning ahead of a busy week for quarterly earnings reports, following all-time highs for both the S&P 500 and the Dow on Friday.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Spirit Airlines (SAVE) shares surged 50% after the carrier revealed in a U.S. SEC filing that it has fully utilized its $300M senior secured revolving credit facility, which matures in September 2026. Spirit expects to end 2024 with over $1B in liquidity, including unrestricted cash and equivalents, contingent on completing ongoing initiatives. These include an agreement to extend its Card Processing Agreement to December 23, 2024, with the early maturity date pushed to March 3, 2025.
• Shares of Bright Minds Biosciences (DRUG) extended gains on Monday, rising ~14% following a 117.6% surge in the previous session after announcing a private placement to raise up to $35M. The company plans to offer common shares at $21.70 apiece and pre-funded warrants at $21.699. Proceeds from the offering will support R&D and general working capital. This announcement has renewed investor interest in the neurology-focused drug developer, which experienced significant profit-taking in the previous two days following a nearly 15-fold increase in value on Tuesday.
• Boeing (BA) shares rose nearly 4% following a tentative agreement between the company and its union workers. The deal includes a 35% wage increase over four years, a $7,000 signing bonus, guaranteed minimum payouts in an annual bonus program, and higher 401(k) contributions. Workers will vote on the agreement on Wednesday, the same day as Boeing’s earnings report. Additionally, Boeing announced the sale of its surveillance equipment subsidiary, Digital Receiver Technology, to Thales Defense & Security as part of its efforts to raise cash and address recent challenges.
• Kenvue (KVUE) rose 4.7% following a report that activist investor Starboard Value has taken a significant stake in the company and Starboard is pushing for changes to boost Kenvue’s share price, which has risen less than 1% this year. Kenvue, the maker of Tylenol and Listerine, was spun off from Johnson & Johnson (JNJ) last year.