Benzinga - by Surbhi Jain, .
JetBlue Airways Corp (NASDAQ:JBLU) stock has been in the news a lot over the past couple of months, mainly about Its proposed merger with Spirit Airlines Inc (NYSE:SAVE), which has also been driving investor sentiments around JetBlue stock.
Between July 2022 and March 2024, from the merger announcement to termination, saw a 20% drop in the stock. Investor confidence fluctuated significantly during this period. So far this year, however, JetBlue stock has returned 27% to investors.
With Distractions In The Past, JetBlue To Focus On Fundamentals, Says CEO In recent years, legal setbacks have thwarted JetBlue’s growth initiatives, including the Northeast Alliance with American Airlines and merger plans with Spirit Airlines.
Also Read: JetBlue, Spirit Airlines Scrap $3.8B Merger Agreement
At the JPMorgan Industrials conference, JetBlue CEO Joanna Geraghty emphasized "returning to the business fundamentals," recognizing the need to rebuild profitability after “distractions” from past endeavors.
Moving forward, the airline intends to refocus on leisure markets by strengthening its presence in core destinations such as Florida, Mexico and the Caribbean.
Golden Cross Indicates Potential Growth Despite the volatility the stock has witnessed, investors appear to be optimistic about the future. JetBlue stock just made a Golden Cross, a bullish technical indicator that occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA.
This technical indicator signals optimism among traders about the company’s prospects. The Golden Cross suggests that momentum may be shifting in favor of JetBlue, potentially indicating renewed confidence in its ability to navigate challenges and capitalize on growth opportunities in the airline industry.
Read Next: Spirit Airlines CEO Says ‘We Are Disappointed’ After JetBlue Deal Fails
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.