UP

Insider Trading Activity: Mark Briffa, EVP of $UP, sold 28,717 shares for approximately $30,440, representing about 2.6% of his holdings, with no insider purchases reported in the last six months.

Institutional Investor Movements: In the most recent quarter, 42 institutional investors increased their positions in $UP stock while 53 decreased theirs, indicating mixed sentiment among large shareholders.

Appointment of CFO: Wheels Up Experience Inc. has appointed John Verkamp as Chief Financial Officer, effective March 31, 2025, bringing over two decades of financial leadership experience from General Electric in the aviation and power sectors.

Strategic Growth Focus: CEO George Mattson expressed confidence in Verkamp's ability to drive financial improvement and support the company's strategic transformation plan during a critical phase for Wheels Up.

Financial Performance Overview: Wheels Up Experience Inc. reported a revenue of $204.8 million for the December quarter and $792.1 million for the full year 2024, with a net loss of $87.5 million in Q4 and $339.6 million for the year, although they noted improvements in operational efficiency and adjusted contribution margins.

Leadership and Fleet Modernization: John Verkamp has been appointed as the new Chief Financial Officer effective March 31, and the company is modernizing its fleet by transitioning to preferred aircraft types, which includes adding 18 Phenom jets while retiring older models to enhance operational reliability and customer service.

Market Performance: Publishing shares are lagging behind the market, with a decline of approximately 1.2%, primarily driven by a significant drop in New York Times shares by about 10.7%.

Sector Laggards: Other sectors experiencing declines include airlines and publishing stocks, as highlighted in a video segment discussing Wednesday's market performance.

Wheels Up Securities Filing: Wheels Up has filed a $400 million mixed securities shelf registration, indicating plans for future financing options.

Recent Financial Developments: The company recently secured $332 million for fleet modernization but reported a decline in earnings for Q3 2024.

Wheels Up Experience Inc. Rating Update: The stock rating for Wheels Up Experience Inc. has increased from 48% to 60% based on its fundamentals and valuation, indicating growing interest according to Kenneth Fisher's Price/Sales Investor model.

Company Overview: Wheels Up provides private aviation services in the U.S. through a membership program and offers global charter solutions, connecting private flyers with a diverse fleet and vetted charter operators.

New Appointment: Jill Greer has been appointed as Executive Vice President of Investor Relations and Sustainability at Wheels Up, bringing over 20 years of aviation and financial leadership experience, including her previous roles at Delta Air Lines and Travel + Leisure Co.

Strategic Focus: In her new role, Greer will enhance Wheels Up's investment narrative and lead the company's ESG strategy, aiming to strengthen investor engagement and commitment to sustainable aviation practices.

Fleet Modernization Announcement: Wheels Up Experience Inc. is transitioning its jet fleet to the Phenom 300 and Challenger 300 series aircraft, acquiring GrandView Aviation's fleet of 17 Phenom jets while selling its Citation X aircraft. This move aims to enhance operational performance and customer experience by modernizing their fleet.

Strategic Partnerships and Financing: The company has secured financing from Bank of America, with credit support from Delta Air Lines, amounting to up to $332 million to fund the acquisition and modernization efforts, including equipping new aircraft with advanced Gogo Galileo HDX satellite-based WiFi for improved connectivity.

After Hours Market Activity: The NASDAQ 100 After Hours Indicator rose by 38.73 points, with a total volume of over 112 million shares traded. Notable active stocks include NVIDIA (NVDA) and Apple (AAPL), both receiving "buy" recommendations.

Earnings Forecasts: Several companies, including Pfizer (PFE) and AT&T (T), are set to report earnings soon, with forecasts indicating significant increases in earnings per share compared to the previous year.

Financial Results Announcement: Wheels Up Experience Inc. will release its third quarter 2024 financial results on November 7, 2024, with a management review during a webcast at 10 am ET.

Company Overview: Wheels Up is a major player in on-demand private aviation, offering a comprehensive global aviation solution, charter and membership programs, and unique benefits through a partnership with Delta Air Lines.

NASDAQ 100 After Hours Performance: The NASDAQ 100 After Hours Indicator is down -9.03 to 20,165.02 with a total volume of 92,718,622 shares traded; notable stocks include NVIDIA (NVDA) down slightly, Ford (F) up marginally, and Peloton (PTON) unchanged.

Upcoming Earnings Reports: Several companies including Infosys (INFY) and Lam Research Corporation (LRCX) are scheduled to report earnings soon, with forecasts indicating significant year-over-year increases in earnings per share.

New Leadership Appointment: Wheels Up Experience Inc. has appointed Meaghan Wells as the new EVP of Enterprise Planning and Strategy, effective November 4, 2024, to enhance the company's long-term growth strategy and strengthen its position in global aviation solutions.

Industry Expertise: Wells brings extensive experience from her previous role at Vista Global, where she successfully led financing strategies during a period of rapid growth, and is expected to drive profitable growth and operational excellence at Wheels Up.

Lock-up Extension Announcement: Wheels Up Experience Inc. announced that lead investors, including Delta Air Lines and CK Wheels LLC, have agreed to extend the lock-up restriction on their shares until September 20, 2025, affecting approximately 97.2% of shares issued under the Investment and Investor Rights Agreement.

Company Overview: Wheels Up is a major provider of on-demand private aviation services, offering a wide range of aviation solutions and emphasizing safety and service, with a strategic partnership with Delta Air Lines for enhanced customer benefits.

Pre-Market Indicator and Active Stocks: The NASDAQ 100 Pre-Market Indicator is down -86.4 to 18,835, with a total volume of 53,386,964 shares traded. Notable active stocks include NVIDIA (NVDA) down -1.39 at $104.82, Tesla (TSLA) up +4.69 at $224.10, and Exxon Mobil (XOM) up +0.2649 at $114.32, all showing varying trading volumes and price movements.

Stock Recommendations and Performance: Several stocks have received "buy" recommendations, including NVDA and XOM, while others like C3.ai (AI) are significantly below their target prices. TSLA's current price exceeds its target, indicating strong market performance.

Executive Changes at Wheels Up: Todd Smith, the Chief Financial Officer, and Laura Heltebran, the Chief Legal Officer, are leaving Wheels Up Experience Inc., with Matthew Knopf set to join as the new Chief Legal Officer and Eric Cabezas serving as interim CFO.

Leadership Transition Details: Knopf brings extensive experience from Delta Air Lines, while Cabezas has previously acted as interim CFO and is recognized for his contributions to the company's financial strategies.

Decline in Private Jet Demand: Private jet flights have decreased by 15% in the first half of 2023 compared to 2022, reflecting a correction in the industry as many new private fliers return to commercial travel due to rising costs and spending fatigue among even ultra-wealthy travelers.

Market Adjustments and Future Outlook: While the number of private jet flights is down, the industry is expected to stabilize with a more sustainable growth path, as evidenced by an increase in fractional ownership flights and a shift towards better reliability in services.

Operational Performance and Financial Improvements: Wheels Up reported strong operational metrics in Q2 2024, achieving a 99% completion rate and 87% on-time performance, alongside significant improvements in financial stability, with adjusted contribution margins nearing 8% and a reduction in cash burn by 63% from the previous quarter.

Product Portfolio and Strategic Partnerships: The company introduced a streamlined product portfolio aimed at enhancing accessibility and flexibility for private flyers, while also strengthening its partnership with Delta Airlines to tap into new customer segments and drive growth in its charter business, which now accounts for over 60% of total flight transaction value.

New Board Appointment: Gregory L. Summe has joined the Board of Directors for Wheels Up Experience Inc., filling the term of David Adelman, and will serve on the Audit and Compensation Committees until the 2026 annual meeting.

Experience and Background: Summe brings extensive experience in strategic leadership and governance, having held significant roles at Glen Capital Partners, The Carlyle Group, and PerkinElmer, along with serving on multiple public boards over his 23-year career as a corporate director.