- Shares of Spirit Airlines sank about 22% Wednesday.
- It's Spirit's second day of double-digit losses after a judge blocked its proposed merger with JetBlue Airways.
- Shares of JetBlue fell roughly 9% Wednesday and are down about 4% since the judge blocked the merger.
Shares of Spirit Airlines fell about 22% Wednesday, the stock's second day of double-digit losses, after a judge blocked the budget carrier's proposed merger with JetBlue Airways.
STAY IN THE KNOW
 |
Watch NBC10 Boston news for free, 24/7, wherever you are. |
 |
Get Boston local news, weather forecasts, lifestyle and entertainment stories to your inbox. Sign up for NBC Boston’s newsletters. |
Spirit is down roughly 60% since the decision blocking its $3.8 billion acquisition by JetBlue was handed down Tuesday, citing reduced competition. The combination would have created the country's fifth-largest airline.
"JetBlue plans to convert Spirit's planes to the JetBlue layout and charge JetBlue's higher average fares to its customers," U.S. District Court Judge William Young wrote in his decision. "The elimination of Spirit would harm cost-conscious travelers who rely on Spirit's low fares."
Spirit stock was trading just over $6 a share Wednesday. Wall Street analysts on average have a price target for the stock of $14 and a hold rating, according to FactSet.
The airline earlier Wednesday traded at an all-time low, sinking to $5.74 per share. It's down more than 90% from its record high of $84.47, reached in December 2014.
Shares of JetBlue fell roughly 9% Wednesday and are down about 4% since the judge blocked the merger.
Don't miss these stories from CNBC PRO:
- Tesla versus BYD: Analysts prefer one of them — giving it up to over 70% upside
- Goldman says small caps to beat large caps this year. 10 cheap smaller stocks to buy
- DoubleLine's Gundlach sees 'very painful' economic downturn, S&P 500 may be forming 'double top'
- 'One of the best valuations for AI': Buy the dip in this Big Tech stock, strategist says
