Coca-Cola Posts Mixed Earnings Due To Lower Sales Volumes
Arm Holdings' Stock Rises 99% In Past Five Days
Restaurant Brands' Earnings Lifted By Strong Tim Hortons Sales
Earnings Boom or Bust: Newell Brands, Ubiquiti, and Take-Two
Watch These Stocks As Markets March Higher Previous Articles Subscribe to Get Small Cap News & Alerts
Baystreet Staf - Tuesday, February 13, 2024
JetBlue Shares Up 15% As Carl Icahn Takes Stake In Airline
Shares of JetBlue Airways (JBLU) are up 15% on news that activist investor Carl Icahn has taken a stake in the embattled airline and is requesting a seat on the board of directors.
Media reports say that Icahn has taken a nearly 10% stake in JetBlue and sees the carrier's stock as undervalued.
Icahn is now agitating for a seat on the board and wants to help turn the struggling discount airline around.
In a written statement, JetBlue said:“We are always open to constructive dialogue with our investors as we continue to execute our plan to enhance value for all of our shareholders...”
Icahn has a long history of involvement with the airline industry, dating back to the 1980s when he took TWA private before that carrier ultimately filed for bankruptcy.
JetBlue is trying to return to profitability following the Covid-19 pandemic. Its proposed merger with rival discount carrier Spirit Airlines (SAVE) was recently blocked by a federal judge over competition concerns.
JetBlue also recently appointed a new chief executive officer (CEO) in Joanna Geraghty, an industry veteran who took over on Feb. 12, the day that Icahn disclosed his stake in the airline.
Prior to today (Feb. 13), the stock of JetBlue had declined 29% over the last 12 months to trade at $6.07 U.S. per share.
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.