Republic Airways Holding Inc. (NASDAQ: RJET) is going shopping. Only a day after making an offer for ailing Frontier Airlines (OTC: FRNTQ), it has made a bid to nab Midwest Airlines from private equity firm TPG Capital. The offer consists of $6 million in cash and a note for another $25 million. If the private equity house takes the deal, Republic will get 100% of Midwest's equity and TPG's secured note of $31 million.

The $25 million in debt is convertible to RJET stock at $10 a share, which gives TPG a bit more upside from the transaction. The seller would also have the right to nominate a member of the buyer's board of directors.

Of course, Republic's CEO, Bryan Bedford, is upbeat about the prospect of buying Midwest Airways, saying it will "enhance the strategic positioning" of his company. Like the proposed acquisition of Frontier, Midwest would continue to operate under its own name, though the target's Boeing 717s would be replaced with Embraer 190s.

It would be easy to try to put the blame game on the massively high import prices or the crummy University of Michigan numbers released this morning, but frankly there is no point. Elaine Chao at the Labor Department got a "critic's pass" today because there are more important fish to fry. General Electric Co. (NYSE: GE) was such a disappointment that their quarter could have been a C-Rated low budget slasher film. It really looks like doing the exact opposite of what feels good is the right trade. Below are the unofficial closing levels for major US index levels:

DJIA 12,328.68 (-253.30; -2.01%)
S&P 500 1,333.18 (-27.37; -2.01%)
NASDAQ 2,290.24 (-61.46; -2.61%)
10YR-TBond 3.471% (-0.061)
Major list of 52-week lows

Another US airline has gone into Chapter 11. This time it was Frontier (NASDAQ:FRNT). According to MarketWatch, "The airline said the decision was taken after its principal credit card processor unexpectedly said it would start withholding 'significant proceeds' received from the sale of Frontier tickets." That may have been the most immediate reason but rising fuel prices and falling passenger receipts are eating at all carrier profits and Frontier joins ATA and Aloha Air in bankruptcy.

Frontier will attempt to continue its scheduled flights.

The news comes along with word that the Delta (NYSE:DAL) pilots union has agreed to terms which will allow the airline to merge with Northwest (NYSE:NWA). Whether that merger is too late to save both companies can only be a matter of speculation.

The airline in the most trouble now is AMR (NYSE:AMR), parent of American. The company has the largest debt-load among major carriers at over $11 billion. Cash flow at the firm has been dropping and management has said that flight cancellations due to FAA inspections will cost tens of millions of dollars.

With a dicey balance sheet and growing revenue problems AMR is the most likely candidate to be the next bankruptcy victim in the industry.

Douglas A. McIntyre is an editor at 247wallst.com.

General Electric (NYSE:GE) is off 10% on poor earnings and a weak forecast.

CV Therapeutics (NASDAQ:CVTX) is up 18% on approval of one of its products by the FDA.

Delta Airlines (NYSE:DAL) is up 5% on anticipation of a merger with Northwest (NYSE:NWA).

Frontier Air (NASDAQ:FRNT) is off 61% on news of filing Chapter 11.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.