Spirit Airlines stock dips after US judge blocks $3.8 billion merger with JetBlue

Spirit's stock took a substantial hit, shedding nearly half of its market value on Tuesday after a federal judge agreed with the U.S. Department of Justice that the airline's deal with JetBlue would harm ticket buyers. JetBlue shares, which closed 5% higher on Tuesday, were also down 1.3% before the bell, in line with other airline stocks. "We believe this is a positive for JetBlue as business at Spirit turned negative between the time the merger was announced to now," TD Cowen analyst Helane Becker wrote in a note.