Activist investor Carl Icahn has amassed a 9.91% stake in JetBlue Airways (NASDAQ: JBLU), and other investors are joining him onboard. Shares of JetBlue opened up 17.2% on Tuesday and were up about 11% as of 10 a.m. ET after the stake was disclosed.

JetBlue has been flying through headwinds of late. In 2022, the airline won a bidding war for Spirit Airlines (NYSE: SAVE), but that deal was blocked due to antitrust concerns earlier this year. The airlines are appealing, but in the meantime, JetBlue also sacrificed an important alliance with American Airlines Group in hopes of getting the Spirit deal accomplished.

The airline has a new CEO and faces difficult choices as it tries to improve operations and waits on its appeal of the Spirit ruling.

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Source Fool.com