Spirit Airlines Has Fallen 82% This Year: Should You Buy the Dip for the Second Half of 2024?

Spirit Airlines was supposed to be acquired by JetBlue in early 2024. However, a judge blocked the merger over anti-competitive concerns. Spirit Airlines is now forced to operate on its own, which caused the stock to fall over 50% the week of the announcement. The income statement is in bad shape, but Spirit Airlines' balance sheet may be even worse. The company has just under $1 billion in cash on the balance sheet, $157 million in short-term debt, and over $3 billion in longterm debt. The company is burni ...