JetBlue Airways aircraft are seen near Spirit Airlines aircraft at Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, on May 16, 2022.
Joe Raedle | Getty Images News | fake images
Actions of Spiritual airlines fell about 23% on Wednesday, its second day of double-digit losses, after a judge blocked its proposed merger with JetBlue Airways.
Spirit is down about 60% since Tuesday's ruling blocking its $3.8 billion acquisition by JetBlue, citing reduced competition. The combination would have created the country's fifth-largest airline.
“JetBlue plans to convert Spirit aircraft to the JetBlue design and charge JetBlue's higher average fares to its customers,” U.S. District Court Judge William Young wrote in his decision. “Eliminating Spirit would hurt cost-conscious travelers who rely on Spirit's low fares.”
Spirit shares were trading at just over $6 per share on Wednesday. Wall Street analysts on average have a price target on the stock of $14 and a hold rating, according to FactSet.
The airline traded early Wednesday at a record low, sinking to $5.74 per share. It is down more than 90% from its all-time high of $84.47, reached in December 2014.
JetBlue shares fell about 8% on Wednesday and are down about 3% since the judge blocked the merger.
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