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Today in the Market (9/15/2023)

Good Evening! On Friday, there was a decline in US equities as the main indexes were unable to sustain the momentum from a previous day’s surge, resulting in a week of losses.

The three indexes finished the week on a down note by a decent amount with the Nasdaq Composite falling the most by 1.56%, followed by the S&P 500 decreasing by 1.22%, and lastly, the Dow Jones sliding by 0.83%.

SURPISING THE MARKET

The board of directors of Planet Fitness (PLNT) has recently made an announcement on the decision to undergo a leadership change, which has therefore led to the retirement of Chris Rondeau, the CEO of the firm who has served for a period of 30 years.

What was the reason? According to the statement, Stephen Spinelli, Jr., the chairman of the board, expressed that the current moment is opportune for a leadership transfer as Planet Fitness embarks on its next phase.

Who is taking over? Craig Benson, a board member of six years, has been appointed as the temporary CEO, with immediate effect. Benson once held the position of governor in the state of New Hampshire and now operates as a franchisee for both Planet Fitness and Dunkin’ Donuts. However, the firm has expressed its intention to evaluate potential candidates from both internal and external sources.

How did the market react…? Shares of Planet Fitness had a significant decline of up to 16%, reaching its lowest point in the last 52 weeks.

CHANGES ARE COMING

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Delta Airlines (DAL) recently unveiled a series of significant modifications to its loyalty program with the aim of addressing issues related to congestion in popular lounges, incentivizing premium clients, and promoting spending on its co-branded credit cards.

  • The number of Sky Club trips per year for American Express Platinum and Platinum Business cardholders, as well as Delta SkyMiles Reserve credit cardholders, has been restricted to six and ten visits, respectively.
  • The exclusive Delta Medallion status will be established only based on the amount of money spent, rather than the frequency of flights.
  • Attaining the Diamond rank will need the accumulation of 35,000 MQDs (“Medallion Qualifying Dollars”), in contrast to the existing regulations which mandate 20,000 MQDs.

The overall picture: The implementation of this action is a component of a broad restructuring of awards throughout the sector. American Airlines recently enacted such modifications, discontinuing permissive COVID-era incentive initiatives that aided in its survival during the epidemic. In recent developments, United Airlines has inaugurated a spacious club spanning an area of 35,000 square feet at the Denver airport, with the primary objective of accommodating a larger number of clients.

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