Benzinga - by Vandana Singh, Benzinga Editor.
Activist investor Carl Icahn’s Icahn Capital reported a 9.91% stake in JetBlue Airways Corporation (NASDAQ:JBLU).
According to the SEC regulatory filing, Icahn purchased the shares between January and February for approximately $119.75 million.
He has had plans to continue discussions with the company “regarding the possibility of board representation,” the filing noted.
Carl Icahn also noted that JetBlue Airways was undervalued and represented an attractive investment opportunity.
The company has made headlines since it announced a merger agreement with Spirit Airlines Inc (NYSE:SAVE).
On January 16, 2024, the Court granted an injunction against the merger. On January 19, 2024, Spirit and JetBlue Airways filed a notice of appeal to reverse the Injunction and allow Spirit and JetBlue to complete the merger.
On February 2, 2024, the Court of Appeals granted the motion, stating it would hear arguments in June 2024.
JetBlue Airways’ fourth quarter 2023 operating revenue declined by 3.7% year-on-year to $2.33 billion, beating the consensus estimate of $2.29 billion. The adjusted loss per share was $(0.19), surpassing the $(0.28) consensus.
CNBC notes that JetBlue has been cutting costs and working to improve operations to return to profitability after a post-Covid travel surge.
Price Action: JBLU shares are up 11.70% at $6.78 during the premarket session on the last check Tuesday.
JetBlue Photo via Wikimedia Commons
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