From Nasdaq:

Shares of Spirit Airlines, Inc. (NYSE:SAVE) were extremely volatile on Thursday, hitting new 52-week lows after rumors of restructuring options being explored. This was due to a federal judge blocking the planned acquisition of the company by JetBlue Airways Corporation (NASDAQ:JBLU).

One well-known internet and sports personality, Dave Portnoy, bought shares of the struggling airline company, only to see an immediate drop in the investment. He stated that he had bought “a ton of Spirit Airlines stock” and recounted being a “huge Spirit Airlines guy” back in his early stock trading days.

Portnoy expressed confusion over the judge’s decision to block the merger, as well as the potential choices for Spirit Airlines, and suggested that the ruling could be appealed or overturned. He also raised questions about the government’s role in possibly bailing out the company, stating, “Either way I’m all in…”

After Portnoy announced his investment in Spirit Airlines, the stock dropped 25%. Despite this, shares of Spirit Airlines rebounded throughout the trading day and closed at $5.70. Portnoy remained optimistic, tweeting that the stock closed “at $5.69. (Nice). Up over 40% from the day low.” Unusual Whales also shared that Spirit Airlines rallied from being down 33% to finishing down 7% Thursday, with Portnoy up 5% on his “approximate position.”

SAVE Price Action: Shares of Spirit Airlines closed Thursday at $5.70 versus a 52-week trading range of $4.04 to $19.21. The new 52-week low was set Thursday, with a trading range of $4.04 to $5.94 on the day. Shares of the airline are down 62% in the last five days.



Read more: Dave Portnoy Buys SAVE Stock, Loses 25%, Makes It All Back In Turbulent Spirit Airlines Trading