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Delta Air Lines, Inc. (DAL) - free report >>
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Delta Air Lines, Inc. (DAL) - free report >>
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JetBlue (JBLU) Surges 8.8%: Is This an Indication of Further Gains?
JetBlue Airways (JBLU - Free Report) shares rallied 8.8% in the last trading session to close at $8.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 17.9% gain over the past four weeks.
The uptick in JBLU's stockprice was owing to Delta Air Lines' (DAL - Free Report) bullish projections for the second quarter as well as full-year 2023. The upbeat projections were attributable to the buoyant air-travel demand scenario. Delta's bullish views had a positive impact on the entire airline industry
This airline is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of +176.6%. Revenues are expected to be $2.61 billion, up 6.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For JetBlue, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on JBLU going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
JetBlue belongs to the Zacks Transportation - Airline industry. Another stock from the same industry, Sun Country Airlines Holdings, Inc. (SNCY - Free Report) , closed the last trading session 4.3% higher at $20.97. Over the past month, SNCY has returned 9.5%.
For Sun Country Airlines Holdings, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.40. This represents a change of +1433.3% from what the company reported a year ago. Sun Country Airlines Holdings, Inc. currently has a Zacks Rank of #3 (Hold).