JetBlue shares fell nearly 6% on Tuesday. The decline continued during pre-market trading on Wednesday, July 8.
A spike in oil prices triggered the sell-off following shipping attacks in the Middle East. JetBlue suffered the largest losses among major carriers during the sector-wide slump.
Analysts attribute the underperformance to the company’s fragile financial health. Experts expect JetBlue to report increased losses per share for the year.
The carrier lacks the premium fare revenue and loyalty program strength of its competitors. This leaves JetBlue less equipped to absorb rising fuel costs than its industry rivals.