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Spirit Airlines Shares Plunge 60%+ Intraday Amid Reports Judge Blocked JetBlue Deal

Moomoo News ·  Jan 16 16:31

by Luzi Ann Santos | moomoo News

$Spirit Airlines (SAVE.US)$ plunged more than 60% intraday Tuesday amid reports that a federal judge blocked a plan by $JetBlue Airways (JBLU.US)$ to buy the low-cost carrier for $3.8 billion.

The ruling was issued by U.S. District Judge William Young in Boston, marking a victory for the Biden administration that seeks to preserve competition among the lowest cost airlines, Reuters reported.

SAVE slumped as much as 61.3% to $5.80 during the day before partly recovering to end the session at $7.92, down 47.1%. Meanwhile, JetBlue shares gained 4.9% to finish the session at $5.13.

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