Transportation
JetBlue Shares Tumble on Disappointing Outlook, Rising Costs
- Carrier continues to narrow network in bid to trim spending
- Stock has biggest rout since April 2002 after earnings report
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JetBlue Airways Corp. shares had a record plunge after the carrier forecast weaker-than-expected revenue and higher costs for the coming year.
Employee compensation and aircraft maintenance expenses are rising faster than analysts projected, and the carrier will have more planes grounded this year than last because of a previously disclosed engine manufacturing defect.