Shares of Spirit Airlines fell by over 30% on Friday, pacing the company’s worst loss since a merger with JetBlue Airways was blocked earlier this year, after reports indicated the low-cost airline was exploring bankruptcy. Spirit’s shares dropped to just over $1.50 as of around 9:50 a.m. Friday, following an earlier plunge in premarket trading.

Investors don't really have much to be optimistic about here. According to Wall Street consensus analyst estimates, Spirit's sales are expected to be down 7.7% for all of 2024, before rising just 1.8% in 2025. This is a discouraging near-term outlook.