Intel (INTC) announces Lip-Bu Tan as new CEO; stock jumps. (00:22) NASA-SpaceX delay mission to bring back astronauts Sunita Williams, Butch Wilmore. (01:21) Spirit Airlines (OTC:SAVEQ) emerges from bankruptcy, moves ahead with premium rebrand. (01:56)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Thursday: INTC, ADBE, and moreSentinelOne tumbles as weak guidance overshadows Q4 resultsEPA head launches 31 actions to roll back air, water rules in 'greatest day of deregulation'Budweiser APAC mulls job cuts to reduce costs by 15% - reportSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: Who is Intel's new CEO and what led to this change?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Thursday, March 13th. I'm Julie Morgan. Intel has new leadership, Spirit exits bankruptcy, and the mission to bring those two astronauts back home has been delayed. Intel announced a new CEO.
Chapter 2: What are the details of Lip-Bu Tan's appointment at Intel?
Former board member and Cadence Design Systems CEO Lip Bhutan is Intel's new chief executive officer. The appointment is effective March 18th of 2025. Tan, who stepped down from Intel's board in August, will rejoin the company's board of directors.
Frank Urie, who had been Intel's interim executive chair during the search for a new CEO, will go back to being Intel's independent chair, with Tan becoming CEO.
Tan, who left Cadence in 2021 after leading the company for 12 years, replaces interim co-CEOs David Zisner and Michelle Johnston, who took over Intel when former CEO Pat Gelsinger abruptly retired in December 2024 amid concerns over the company's future. More on Intel in today's edition of the Wall Street Breakfast newsletter. You can sign up in show notes. INTC is up 10% in pre-market action.
Chapter 3: What is the status of the NASA-SpaceX mission and the return of astronauts?
NASA and SpaceX scrubbed Wednesday's launch attempt of the agency's Crew-10 mission. This is the mission that was meant to facilitate the return of U.S. astronauts Butch Wilmore and Sonny Williams, who have been stuck in space for nine months. NASA was set to launch the SpaceX rocket from Florida to relieve Wilmore and Williams from the International Space Station.
Chapter 4: How has Spirit Airlines emerged from bankruptcy?
However, the agency said the launch was called off due to a hydraulic system issue. NASA is now aiming for the launch no earlier than 7.03 p.m. ET on Friday, March 14. Spirit Airlines has emerged from bankruptcy with significantly less debt and greater financial flexibility. The company's financial restructuring involved converting about $795 million of funded debt into equity.
It also received a $350 million equity investment from existing investors to support future initiatives. Spirit CEO Ted Christie said throughout this process they've continued to make meaningful progress enhancing their product offerings while also focusing on returning to profitability and positioning the airline for long-term success.
Spirit shares will trade in the over-the-counter marketplace and the company expects to relist its shares on a stock exchange as soon as reasonably practicable. The carrier, which previously focused on budget-conscious customers, launched new premium offerings and enhanced benefits last year to draw more affluent travelers. Now for a look at the trending articles on the homepage of Seeking Alpha.
Sentinel-1 tumbles as weak guidance overshadows Q4 results. The head of the EPA launches 31 actions to roll back air and water rules in the greatest day of deregulation. And Budweiser APAC mulls job cuts to reduce costs by 15 percent, according to a report.
On our Catalyst Watch for today, all investor days from these companies, Chef's Warehouse, National Cinemedia, Nova Limited, Beacon Roofing Supply, and Enable. Now for a check of the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red. Crude oil is also in the red, down 0.6% at $67 a barrel. Bitcoin is up 0.8% at $83,000.
In the world markets, the FTSE 100 is up 0.4% and the DAX is down 0.2%. UiPath is on our list of the biggest movers of the day pre-market. Path is down 17% after the company delivered mixed Q4 results and issued a weaker-than-expected outlook. On today's economic calendar, at 8.30 a.m., jobless claims. Also at 8.30 a.m., PPI. That's it for today's Wall Street Breakfast. Thanks for listening.
To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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