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What happened: Spirit Aviation Holdings (FLYYQ) stock surged almost 500%.

Whatโ€™s behind the stock move: The Trump administration may be nearing a deal to save the struggling low-budget air carrier, according to a Wall Street Journal report. Under the terms being discussed, the US government would loan Spirit up to $500 million in return for warrants to take a potential stake.

What else you need to know: Spirit has struggled in recent years amid higher costs and thin margins for low-cost tickets. The airline has been in bankruptcy twice since 2025 following failed merger attempts with JetBlue (JBLU). Spirit plans to exit Chapter 11 by the early summer.