With markets flat on Tuesday, let’s turn our attention to four stocks that are in the spotlight today, namely JetBlue Airways Corporation (NASDAQ:JBLU), Spirit Airlines Incorporated (NASDAQ:SAVE), Ford Motor Company (NYSE:F), UQM Technologies Inc (NYSEMKT:UQM). All four of them are trading lower today on the back of disappointing financial results and other developments. In this article we will take a closer look at the developments that stand behind their declines and will assess the hedge fund sentiment towards them in order to identify whether or not the market is overreacting and missing the big picture.
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Without any further ado, let’s start with JetBlue Airways Corporation (NASDAQ:JBLU), whose stock has lost nearly 8% so far today, which has slightly offset its year-to-date gains of over 50%. Amid cheaper jet fuel, the company’s third quarter adjusted net income surged to $0.58 per share from $0.24 a year earlier, while revenue rose to $1.69 billion, from $1.53 billion and was in line with estimates. However, JetBlue Airways Corporation (NASDAQ:JBLU) posted a 0.6% decline in passenger revenue per available seat mile, which amounted to $0.1196. Among the funds from our database, 50 investors reported stakes equal to 11% of the company’s outstanding stock as of the end of June. Meanwhile, in the current 13F round, Louis Navellier‘s Navellier & Associates reported ownership of 36,347 shares of JetBlue Airways Corporation (NASDAQ:JBLU) held as of the end of September, which represents an increase of 10,323 shares over the quarter.
Shares of Spirit Airlines Incorporated (NASDAQ:SAVE) are also down on the back of third quarter results, which included adjusted EPS of $1.35 per share and revenue of $574.84 million. The EPS rose by 48% on the year and beat the estimates of $1.32, while revenue increased by 10% and came in slightly higher than the $571.82 million expected by analysts. However, Spirit Airlines Incorporated (NASDAQ:SAVE)’s stock has lost nearly 9%, most likely on the back of a 13% drop in total revenue per passenger flight segment, which was caused by a 21% fall in ticket revenue per passenger flight segment, affected by lower fares due to higher competition. The investors from our database are yet to be convinced regarding Spirit’s potential, since only 31 funds out of over 700 that we track held long stakes in the company at the end of June, although they held over 8% of its outstanding stock in aggregate. Bernard Selz‘s Selz Capital is one of the investors bullish on Spirit Airlines Incorporated (NASDAQ:SAVE), holding 105,000 shares as of the end of September.
On the following page, we will take a look at Ford Motor Company (NYSE:F)’s earnings, as well as at the developments behind the decline of UQM Technologies Inc (NYSEMKT:UQM)’s shares.