Why Shares of JetBlue Are Down Today
Shares of JetBlue Airways (NASDAQ: JBLU) joined the stampede of airline stocks moving downward on Thursday, dropping nearly 10% after the airline decided to cut capacity in response to falling travel demand due to concerns about the COVID-19 coronavirus.
In a memo to employees obtained by Reuters, the airline said it would cut capacity by 5% in the near term to address the fall in demand. The airline is also taking other steps to preserve cash, including reducing hiring, and is considering voluntary time-off programs.
Image source: JetBlue Airways.
Source Fool.com