From CNBC:

Billionaire investor Carl Icahn has bought a nearly 10% stake in JetBlue Airways, stating that the stock is undervalued. This news caused JetBlue’s shares to spike more than 15% in extended trading. Icahn has plans to continue discussions with the company regarding the possibility of board representation, and JetBlue has expressed willingness to have constructive dialogue with its investors. Icahn has a history of involvement with the airline industry, having taken TWA private in the late 1980s. JetBlue has been working to cut costs and improve operations after a post-COVID travel surge, a blocked merger with Spirit Airlines, and a federal judge ruling against the combination of the two airlines. JetBlue’s stock is down more than 27% in the last 12 months, while the broader sector’s stock is up nearly 7% over the same period. The airline’s new CEO, Joanna Geraghty, took over on Monday, and they have appointed a pair of airline veterans to help steer the company back on track.



Read more: Carl Icahn reports JetBlue stake, calls shares undervalued