Shares of JetBlue traded notably higher Wednesday after the airline released its 3rd quarter results which largely disappointed.
By the numbers, JetBlue said net income was $35 million, or 11 cents per share, compared with $59 million, or 18 cents per share, in the year-earlier period.
The Wall Street average forecast for JetBlue was 13 cents per share, according to Thomson Reuters I/B/E/S.
JetBlue reported a 16 percent increase in operating revenues at $1.2 billion and a 22 percent increase in expenses, including a $162 million jump in fuel costs.
The carrier, based at New York's Kennedy airport, said operating income took an estimated $8 million hit from more than 1,400 flight cancellations due to Hurricane Irene.
Why did the stock climb?
Sales jumped last quarter with results also showing JetBlue's average fare was up about 9 percent to $154.88 during the quarter. It also benefited from new efforts to court higher-paying business travelers in Boston.
So, how should you play this stock? Don't make a move before you check out our exclusive conversation with Jet Blue president and chief executive David Barger.
Watch the video now!
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Trader disclosure: On Oct 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long BAC; Seymour is long MSFT; Seymour is long INTC; Seymour is long NOK; Seymour is long X; Adami Owns AGU; Adami Owns C; Adami Owns GS; Adami Owns INTC; Adami Owns MSFT; Adami Owns NUE; Adami Owns BTU; Finerman owns AAPL; Finerman owns BAC; Finerman owns JPM; Finerman owns MSFT; Finerman owns GLW; Finerman owns SPY; Finerman’s firm owns AAPL short calls; Finerman’s firm owns JPM stock leaps; Finerman’s firm owns MSFT; Finerman’s firm owns IBM short calls; Finerman’s firm owns GLW; Terranova owns IBM; Terranova owns AAPL; Terranova owns AXP; Terranova owns CAT; Terranova owns F; Terranova owns GS; Terranova owns OXY; Terranova owns FCX; Terranova owns LQD; Terranova owns MUB; Stutland is long EWZ and short march calls; Stutland is long Boeing corporate bonds; Stutland is short GLD puts and long call spreads
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