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Spirit board rejects JetBlue takeover offer on antitrust risks [Reuters via CNBC]
JetBlue responded by enhancing its offer - but not its $33 per share price - and promising a $200 million reverse break-up fee - or $1.80 per Spirit share - if the deal does not go through for antitrust reasons…. “We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance so long as JetBlue’s Northeast Alliance (NEA) with American Airlines remains in existence,” Spirit said in a letter to JetBlue Chief Executive Robin Hayes Monday.

Elon Musk’s Twitter deal rewards risk-taking at Morgan Stanley [FT]
To bring the deal together Morgan Stanley is extending financial firepower to Musk that goes beyond anything provided to other private clients…. In another sign of their willingness to plough money into Musk’s bid, Morgan Stanley and Japanese lender MUFG, which owns a 21 per cent stake in the Wall Street bank, had leeway from their credit committees to provide up to $14bn of the total debt package for Musk’s bid if required, said one person familiar with the matter.

Russia Uses Domestic Dollar Stash to Avoid Defaulting on Bonds [Bloomberg]
The fact that Russia is using its domestic reserves has been a key aim of the U.S. restrictions. The idea is to force Russia to drain that pool and undermine its capacity to finance its invasion of Ukraine…. The country had previously tried to make the payment in rubles after the dollar transfers were stopped in early April by its correspondent bank. That breached the terms on the debt and set the clock ticking on a 30-day grace period, which ends May 4, after which a default could be declared.

Outspoken market analyst's Chinese social media accounts suspended [Reuters]
All content on the WeChat account of Hong Hao, who is head of research at Bocom International Holdings, has been blocked since late Saturday. His account has also been suspended, WeChat said, citing unspecified violations of its rules…. Negative comments by market analysts and commentators in China are often censored and have come under increased scrutiny as the country's economy and financial markets encounter stiff headwinds in a year in which Xi Jinping is widely expected to secure a third term as president….
"Shanghai: zero movement, zero GDP," he wrote on Twitter on March 31 just as the financial and commercial hub entered a citywide coronavirus lockdown.

Airbnb says staffers can work remotely forever, if they want [CNN]
The company told employees Thursday that they can permanently work remotely and can relocate anywhere within the country they currently work. Doing so won't negatively impact compensation, the company said, meaning it will not adjust salaries downward if an employee opts to move to a city where the cost of living is lower…. [CEO Brian Chesky] noted that permanent flexibility will allow the company to "hire and retain the best people in the world," rather than simply those who are within "commuting radius around our offices."

A Billionaire Hedge Fund Manager Predicts the Future – and What He Sees Is Concerning [NYT]
“I expect that there will be a separation, an increased separation of going to different locations, that will produce a hollowing out economically of some places. And that will produce conflicts between states. And I worry that we will have a situation in which there’s not the respect for the rules and not the compromise, that I believe is a threat to democracy…. I’m more worried on just a practical — it all depends how we are with each other, but I’m not optimistic we’re going to be good with each other…. I bet our life expectancies will be much greater in 20 years and our well-being will be. But it’s in those interim periods and how we deal with each other that is the source of concern for me.”


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Opening Bell: 6.28.22

Tell us if you’ve heard this before; Dan Och’s revenge revered; JetBlue really wants to buy Spirit; and more!

jetblue spirit

Opening Bell: 7.28.22

It’s starting to look like a recession; build back a bit; JetBlue’s got Spirit; Jack Ma gives up; and more!

jetblue spirit

Opening Bell: 4.6.22

Home-field advantage; insuring private equity; JetBlue wants Spirit; crypto-retirement; and more!

jetblue spirit

Opening Bell: 6.6.22

JetBlue and Twitter really want to deal; Ex-Bridgewater CEO pawned his dignity for nothing; standing astride history yelling “stop”; and more!


Opening Bell: 6.21.22

JetBlue is serious; Twitter’s board is, too; Asian SPACs few and far between; stocks set for short-lived surge; and more!


Opening Bell: 9.5.17

Ray Dalio's Principles make triumphant return; initial coin offerings boosted by Paris Hilton, banned by China; Pope Francis saw a Jewish shrink to "clarify some things"; and more.

Opening Bell: 7.22.15

Greece; Volcker; J.P. Morgan hack; Book an Airbnb van down by the river; "Despite Catfish Claims, Loch Ness Monster Hunter 'Not Quitting"; and more.


Opening Bell: 5.19.17

Ray Dalio ponders impeachment; Leon Cooperman lives to trade again; murder trial hinges on Florida man's endowment; and more.