Sharma Vivek sold $27K of JBLU

Citi downgraded JetBlue Airways (JBLU) to sell from neutral, citing downside risk to leisure travel and weaker leisure revenue per available seat mile into fall. Citi cut its price target to $5.30 from $6.60, implying about 14% downside from Thursday’s close. Citi expects macro conditions to pressure demand and says JetBlue’s RASM risk is elevated.

The U.S. Department of Transportation approved a two-year extension of JetBlue’s Essential Air Service contract at Presque Isle International Airport, extending it through August 2028. After a 350-plus comment period, airport director Scott Wardwell said over 99% supported JetBlue. Officials cited reliability, Airbus A220 aircraft, and Boston connectivity; JetBlue plans first-class seating and a potential United partnership.

Bankrupt Spirit Airlines, which is winding down its business after it stopped flying in May, has picked a “stalking horse” bidder that has offered to buy the company’s Dania Beach headquarters campus for $88 million. The airline is now at the stage of liquidating assets as it seeks to raise cash to pay off creditors.

JetBlue said it will roll out a two-step ticketing system that lets customers first pick an onboard experience (Main, EvenMore, BlueFirst, Mint) and then choose a fare option (Base, Standard, Flex) affecting seat selection, changes, cancellations and refunds. The update will apply across its network including flights to St. Thomas and St. Croix. JetBlue reported Q2 fuel costs up 81% to about $407M, average fare up nearly 9%, revenue $2.69B, net loss $247M, and guided full-year operating margin o

JetBlue reported a Q2 loss of $247 million on $2.7 billion revenue and reaffirmed its 2026 outlook. The airline expects a full-year operating margin of negative 2% to negative 5%. JetBlue targets $1 EPS by 2028, assuming fuel stays near $3 a gallon, after paying $4.23 per gallon and recapturing 50% of fuel costs. Shares were up 13% Tuesday.

JetBlue said it wants to move from LaGuardia’s Terminal B to the older Marine Air Terminal (Terminal A) to lower airport costs, according to CEO Joanna Geraghty and president Marty St. George. JetBlue won Spirit’s LaGuardia slots in May and is seeking the associated gates. The Port Authority said it is in dialogue and will decide. JetBlue also plans about 12 additional daily round trips to Florida.