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Shares of Jet Blue [JBLU
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] closed lower on Thursday despite results that showed it was one of only a few airlines to make a profit last quarter. Buy the dip?
In what traditionally has been a strong season for the airlines — the critical summer vacation months — JetBlue was one of just three airlines to end the quarter in the black, with most large airlines posting losses.
(The other two winners were AirTran and Alaska Airlines.)
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Much cheaper fuel helped JetBlue's earnings, and heavily discounted seats got more passengers on board.
CEO Dave Barger said the airline's All-You-Can-Jet Pass, which allowed customers to fly as much as they wanted from Sept. 8 to Oct. 8 for $599, was an unexpected success that helped offset weak passenger demand. He called it, "by far the most successful promotion in our company's history."
JetBlue earned $15 million, or 5 cents per share, in the third quarter, compared with a loss of $8 million, or 3 cents per share a year ago.
Sounds like a success story. So should you buy the dip?
Don’t make a move until you see our interview with CEO Dave Barger and hear how the traders game it. Watch the video now!
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Trader disclosure: On October 22nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (CEPH) Call Spread; Najarian Owns (LAZ), Is Short (LAZ) Calls, Owns (LAZ) Puts; Najarian Owns (RIMM) Call Spread; Najarian Owns (STX) Call Spread; Najarian Owns (XLF) Call Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (CLX), (MSFT), (NOK), (WMT); Finerman's Firm Owns (BAC) Preferred, (BAC), (BAC) Call Spreads; Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG), (CAKE); Finerman's Firm Owns (YUM); Finerman's Firm Owns (BKC); Finerman's Firm Is Short (CPKI); Terranova Owns (SUN), (HES), (NOV), (GS); Seymour Owns (MSFT); Seygem Asset Management Is Short (MELI)
For JoeTerranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (DBA)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)
For Bill Fleckenstein
Fleckenstein's Fund Owns (MSFT)
Fleckenstein's Fund Owns (LLY)
Fleckenstein's Fund And Fleckenstein Own Gold
Fleckenstein Owns (LLY)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes