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.

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Source Fool.com