JetBlue shares plunge to all-time low

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JetBlue shares plunge to all-time low

NEW YORK (Dow Jones/AP) =97 Shares of JetBlue Airways Corp. plunged 16=20
percent to reach an all-time low Wednesday, as the airline sector skidded=20
lower and the so-called post-IPO ''lockup'' period for the company's stock=
=20
ended, freeing 33 million shares for potential sales.  The shares closed=20
down $5.62, or 16 percent, at $30.15. Earlier in the day the shares traded=
=20
as low as $30.09, below a previous all-time low of $34.64 reached=20
Monday.  Trading in the stock was heavy, with more than 7.4 million shares=
=20
changing hands, far outstripping the average daily turnover of 418,800=20
shares. The stock reached an all-time high of $55.15 on May 6.  David=20
Neeleman, chief executive of the fast-growing low-fare carrier, said on=20
Sept. 10 that the company had put on hold its plan for a secondary stock=20
offering, citing insufficient demand among its venture-capital investors to=
=20
sell their stakes. The Kew Gardens, N.Y., carrier Wednesday declined to=20
comment on the prospects for a secondary offering.  Following its=20
phenomenally successful initial public stock offering in April, the JetBlue=
=20
stock has declined due in part to worries that the fresh supply of shares=20
from an additional offering would drive down the stock price.  The lockup=20
expiration gives original venture-capital supporters such as J.P. Morgan=20
Chase & Co. and financier George Soros the opportunity to sell their=20
stakes. Company insiders including Neeleman are also free to part with=20
their holdings.  JetBlue is one of the few airlines to remain profitable in=
=20
the industry's worst crisis ever. The two-and-half-year-old company is=20
expected to have earned 39 cents a share in the quarter ended Sept. 30,=20
according to a survey of five analysts by Thomson First Call.



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