JetBlue (JBLU) Stock Surges 10% Following Spirit Airlines Shutdown Reports
JetBlue (JBLU) shares surged 10.9% following reports that Spirit Airlines plans to cease operations, with Frontier Airlines (ULCC) gaining 8.8%. JetBlue's latest quarterly results fell short of expectations, reporting an EPS loss of -$0.87 compared to the -$0.72 forecast.
JetBlue Airways Corporation's stock price climbed 10.9% to $5.17 after a Wall Street Journal report indicated Spirit Airlines is preparing to shut down operations. Frontier Airlines saw an 8.8% increase as investors positioned themselves in carriers that stand to gain market share. A proposed U.S. government rescue package for Spirit fell apart after bondholders rejected the arrangement. Susquehanna increased its JBLU price target to $5.00 from $4.00, maintaining a 'neutral' stance. JetBlue's quarterly EPS loss was -$0.87, missing the -$0.72 forecast. The airline's revenue reached $2.24 billion, matching analyst projections.
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