On October 25, 2012, Shares of Spirit plummeted 32% or $6.97 to close at $14.69 after the company disclosed that it will take a charge of $590 million, or $1.82 per share, in the third quarter. The news threw into question the company's profit for the quarter, and raised questions about Spirit's ability to forecast performance. Some analysts had expected Spirit to post 53 cents a share in profit when it reports earnings next week. Spirit has a history of recording charges for plane programs, but the size of the charges caught the market off guard. "Management had previously mentioned that charges would likely come through this quarter, but this magnitude is a surprise," one analyst said in a note to clients.
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