Spirit Airlines' shares experienced a 47% plunge in New York, following a 61% drop, marking the largest intraday decline since the stock's trading debut
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— unusual_whales (@unusual_whales) January 16, 2024
JetBlue-Spirit Airlines merger blocked by judge over fears it would hurt competition
A federal judge on Tuesday sided with the Biden administration to block JetBlue Airways from buying Spirit Airlines, saying the $3.8 billion deal would limit industry competition and put pressure on airfares.
The Justice Department sued to block the merger, saying that JetBlue’s buyout of Spirit, the nation’s largest low-cost carrier, would reduce the availability of budget-friendly ticket options for the nation’s most price-sensitive consumers.
JetBlue argued that the deal would actually benefit consumers by better positioning the airline to compete against bigger rivals that dominate the U.S. air-travel market.
Spirit Airlines 🚨 – Someone Always Knows
On January 3rd, a trader purchased just under 10,000 $SAVE Feb Expiry 10 strike puts for $1.98 which was above the ask price at the time. Those puts are now trading for $2.75, a profit of $770,000 (+39%). https://t.co/h6cvYhaC0M pic.twitter.com/PMyYReC2b8
— Barchart (@Barchart) January 16, 2024