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Why Spirit Airlines is Sinking

Shares of Spirit Airlines (SAVE) are tumbling today after the airline reported better-than-expected earnings today, but disclosing a big hit to revenue for a pilot slowdown and competition fromUnited Continental (UAL).

Spirit reported an adjusted profit of $1.14 a share, beating forecasts for $1.10, on sales of $701.7 million, missing forecasts for $703.8 million. But Spirit also disclosed that a pilot slowdown had cost the...