"What a difference two quarters can make. JetBlue surprised investors last month with third-quarter earnings that did not meet Wall Street expectations. Compared with the third quarter of last year, profit fell 71 percent, and its executives told investors to brace for another dip this quarter.

JetBlue's stock is worth about half what it was a year ago, and last month Standard & Poor's lowered its Outlook on the airline's debt to negative from stable, indicating that it might lower its credit ratings. To make matters worse, short-sellers on Wall Street have been taking aim at JetBlue's stock with increasing frequency since September, betting that the price will fall further. JetBlue closed yesterday at $22.66, down from a high of $46.84, adjusted for a 3-for-2 split, in October 2003."