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JetBlue Shares Record A 15% Surge Following Activist Carl Icahn’s Stake Reporting

February 14, 2024
in Technology
JetBlue Shares Record A 15% Surge Following Activist Carl Icahn’s Stake Reporting
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On Monday, February 12, activist investor Carl Icahn reported almost a 10% stake in JetBlue Airways. The activist stance indicated his immense interest and support for the company. 

Further, Icahn mentioned the airline stock is undervalued, which could be the reason behind his high stake in the company. Meanwhile, after the activist’s report, JetBlue shares reacted positively with a more than 15% surge in extended trading. 

According to a regulatory filing, Icahn made several JetBlue shares purchases in January and February this year. The report noted that a massive accumulation of the stock brought a 9.9% stake for the activist in the airline.

After the report, JetBlue climbed upward, gaining over 2% at $6.07 on Monday. 

Later, it rose 19% in after-hours trading and leveled out slightly above $7, indicating an almost 16% spike at 7:45 p.m. ET. Further in the report, Icahn indicated his plans for more discussions with the firm.

The talks would entertain topics ‘regarding the possibility of board representation’ in the company.

According to a Forbes report, Icahn’s net worth is estimated at $6.3 billion, up by about $74 million from February 9. The recent acquisition is just a part of the activist’s vast investment moves in different sectors, including the airline industry. 

Notably, in the late 1980s, the corporate raider privatized TWA, which formed a part of his prominent activist campaigns.

However, as the airline started struggling, he filed for bankruptcy. On Monday, February 9, 2024, the shares of Icahn Enterprises, the activist’s investment company, closed above $19.33, representing a 2% increase in extended trading hours.

JetBlue Maintains An Open Relationship With Clients And Investors

JetBlue has maintained an open relationship with its investors over the years. In an earlier statement, the airline said,

We are always open to constructive dialogue with our investors as we continue to executive our plan to enhance value for all of our shareholders and stakeholders.

Moreover, the company embarked on cost-cutting approaches and plans to improve its operations and remain profitable. It initiated the move following a post-COVID travel surge. Notably, the new CEO of JetBlue, Joanna Geraghty, took over the leadership mantle on Monday.

The CEO is expected to address the company’s reliability and cost-control challenges. Before now, the company had tried to turn things around through partnerships, even though it proved futile. 

According to a New York Times report, a federal judge had stopped JetBlue’s merger plans with rival Spirit Airline a few weeks ago.

The judge cited reduced competition as a significant reason for ruling against the merger of the two airlines. In its defence, JetBlue stated that it needed the merger to boost its functionalities to face more prominent competitive American airlines. 

JetBlue and Spirit are preparing to appeal the ruling for now, and a positive outcome may further help sustain the recent gains. 

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/news/jetblue-shares-record-a-15-surge-following-activist-carl-icahns-stake-reporting/

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