Spirit Airlines shares fell after a judge blocked the JetBlue merger

JetBlue Airways planes are seen near Spirit Airlines planes at Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, on May 16, 2022.

Joe Rydell | Getty Images News | Getty Images

Spirit Airlines shares fell about 23% on Wednesday, the second day of double-digit losses, after a judge blocked its proposed merger with JetBlue Airways.

Spirit's stock has fallen nearly 60% since Tuesday's decision to block JetBlue's $3.8 billion acquisition, citing reduced competition. This combination could have created the country's fifth-largest airline.

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