A US district court blocked the proposed merger between Spirit Airlines and JetBlue Airways on antitrust grounds. This led to significant declines in shares of both JetBlue and Spirit Airlines on Wednesday and Thursday. Analysts at Susquehanna and BofA Securities downgraded their ratings and slashed the price target on Spirit Airlines stock. Fundamental challenges for Spirit Airlines, like debt maturities, are exacerbated by the merger failure. JetBlue's CEO Robin Hayes is stepping down, which could reduce appetite to push a revised deal proposal.