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Windsor Locks: Will Connecticut residents have something new to complain about or will they revel in a new low cost travel option to Florida?
The discount carrier, Spirit Airlines [Nasdaq: SAVE] based in Miramar, Fla will begin service June 15, 2017 between Bradley International Airport and Orlando and Fort Lauderdale Airports and Myrtle Beach, SC.
The discount carrier attracted $2.3 billion dollars in customers last year with its low fares, and investors got on board as well. Traded on the Nasdaq, Spirit’s shares are approaching their annual high and are seemingly in reach of their five year high as well, bringing a $4 billion dollar market cap to the company.
Spirit says it fares are “on average nearly 40% less," adding "our customers start with an unbundled, stripped-down Bare Fare™ and get Frill Control™ which allows them to pay only for the options they choose – like bags, seat assignments and refreshments – the things other airlines bake right into their ticket prices.”
Spirit says its Fleet is “one of the youngest, most fuel-efficient in the U.S.,” it operates more than 450 daily flights to 60 destinations in the U.S., Latin America and the Caribbean.
Greenwich based Chief Executive Magazine released its Best and Worst States of 2017 issue, [May/June].
The cover illustratiion is by Redding resident Robert Pizzo
By Mitchell Young
Greenwich: Chief Executive Magazine is based in Connecticut, but many of its most important readers don’t have a favorable view of the Nutmeg State, as a choice for business. The magazine recently released its Best and Worst 2017 issue [2016 survey data] of CEOs and Connecticut was ranked forty-six.
There were 513 CEO responders and they were asked to rank states they are familiar with, on “the friendliness of their tax and regulatory regime, workforce quality and living environment. (This latter category includes not just the cost of living but the education system and the state and local attitudes toward business).”
No worries, the CEOs don’t always do what they say, New York and Massachusetts, both states with strong economies and a growing number of businesses, ranked 49 and 45 respectively. The worst  was the business powerhouse, California. Governor Dan Malloy can take bragging rights form his nemesis Governor Chris Christy, New Jersey ranked 47,, behind Connecticut – Go Huskies. Illinois, rounded out the bottom five.
By Mitchell Young
New Haven: Biohaven Pharmaceuticals founded in 2013, is developing treatments for neurological diseases and rare disorders, announced terms for its IPO. The company plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16 and will be listed on the NYSE, with the symbol BHVN.
Insiders will reportedly purchase $70 million worth of shares in the offering (56%), providing the company a fully diluted market value of $546 million [at the midpoint of the IPO range]. Morgan Stanley, Piper Jaffray and Barclays are the joint underwriters, and the stock is expected to price during the week of May 1, 2017.
Washington: The US Census released The Changing Economics and Demographics of Young Adulthood: 1975–2016. The report sites changes in young adulthood over the past 40 years. Focusing on education, economics and living arrangements of today's young adults and “how their experiences differ in timing and degree from what young adults experienced in the 1970s.”
Young people in Connecticut like in most states are more likely to live at home than their parents did and the trend continues with an 8.8% increase in young adults living in Connecticut living at home in the last decade
Investment Media Take Note of Hedge Fund Tax Proposals [From Investopia]
“Although New York City is perhaps better known as a financial hub, the nearby state of Connecticut is home to a number of prominent hedge funds...... “prominent managers like Edward Lampert of ESL Investments and Paul Tudor Jones of Tudor Investment Corp. have moved their operations out of Connecticut and to the state of Florida for tax purposes.:
“Now, some of Connecticut's elected officials have stated their opposition to a proposal to increase tax levels on Connecticut-based hedge funds,”
New Haven Magazine