JetBlue sinks to 12-year low as airline forecasts more losses, Spirit antitrust trial begins
Publishing timestamp: 2023-10-31 16:05:16
Summary
JetBlue Airways is facing a trial with the Justice Department over its proposed acquisition of Spirit Airlines. The Department alleges that the acquisition will increase fares and reduce choice for consumers. JetBlue argues that the acquisition is necessary for its growth and competition with larger carriers. The trial will test the Biden administration's approach to antitrust cases. Both JetBlue and Spirit Airlines are facing challenges in the post-pandemic travel industry, with rising costs and decreased demand. JetBlue's stock has tumbled to a 12-year low, and the company has forecasted a loss for the fourth quarter. The trial is expected to last about three weeks.
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