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Spirit Airlines and Frontier Airlines are merging into a massive discount airline, the country’s two largest discount airlines, announced a $6.6 billion merger yesterday.  Spirit and Frontier expanded aggressively over the last decade offering travelers no-frills service in exchange for ultra-low airfares.  Their executives vow to keep it that way, even if the carriers complete their $6.6 billion-merger that would turn the carriers into a discount behemoth and the country’s fifth largest airline. Frontier will have a controlling stake.

 

Shares of Peloton are sharply higher on multiple reports that showed the connected fitness company gaining interest as a potential acquisition target.  Activist investors have pushed the company to sell itself, and media reports indicated that both Amazon and Nike were considering making an offer. Some analysts suspected Apple could even get in on a potential bidding war.  Peloton stock is up 19.7% on the news.


Homeowners hurried to refinance their mortgages this week, capitalizing on a break from recent rate increases that added more than a half-point to the 30-year fixed rate in the last month.  The rate on 30-year fixed mortgages remained largely flat for the third week in a row, averaging 3.55%.  Refinance applications were up 18% for the week ending January 28, according to the Mortgage Bankers Association.

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