A support line has formed in the chart of JetBlue Airways Corp. (NASDAQ:JBLU). The stock has hit that level a couple of times and looks to be heading back down to it. If it falls through this level, a breakout is expected. Read more to learn how to take advantage of this trade.JetBlue Airways Corp. (JBLU) is a low-cost airline that offers high-quality service, including assigned seating and in-flight entertainment. It carries over millions of customers with an average of more than 1,000 daily flights and serves approximately 99 destinations in the United States, the Caribbean, and Latin America.
The company posted a loss in third-quarter, making it the seventh successive quarterly loss. But passenger revenue did increase by more than 100% year over year due to an improvement of air-travel demand. Unfortunately, increasing fuel prices may eat into its bottom line.
JBLU has a strong balance sheet with $3.3 billion in cash as of the latest quarter. This compares favorably to only $391 million in short-term debt. As for growth, Analysts expect sales to jump 176.8% year over year in the current quarter, leading to a Growth Grade of B in our POWR Ratings system.