What's Going On With Spirit Airlines Stock?

Spirit Airlines, Inc. SAVE shares are trading lower Tuesday, and the stock has fallen more than 30% over the last five days. Here's a look at what's going on:

What To Know:

Spirit Airlines shares may be moving on sympathy with JetBlue Airways Corporation JBLU which is falling after the reported its third-quarter financial results on Tuesday.

JetBlue reported an adjusted loss per share of 39 cents, below the consensus estimate of a loss of 25 cents per share. The company reported operating revenue of $2.4 billion compared to the estimate of $2.381 billion for the quarter. 

Spirit Airlines' stock may also be losing ground as investors grow concerned over the Department of Justice's civil antitrust lawsuit to block the airline's proposed merger with JetBlue Airways. 

Spirit Airlines shares are dropping on heavy trading volume Tuesday. According to data from Benzinga Pro, nearly 5 million shares have already been traded in the session, compared to the stock's 100-day average of 1.883 million shares.

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SAVE Price Action: According to Benzinga Pro, Spirit Airlines shares are down 16.5% at $10.89 at the time of publication.

Image: F. Muhammad from Pixabay