Republic Airways Holdings Inc. shares soared as much as 71 percent Wednesday morning, their biggest-ever intraday gain, clawing back from a record plunge earlier this week caused by concern that a pilot shortage will disrupt the regional flying it does for bigger U.S. carriers.
Shares climbed as high as $5.88, trimming this week’s decline to 35 percent.
Friday’s late announcement about the pilot shortage, a result of tighter Federal Aviation Administration regulations and unresolved labor talks, led Republic to slash its profit outlook. The airline also said it hired Seabury Group to evaluate options for the company’s future and advise on improving finances and operations.
Investors abandoned the stock on Monday, sending shares to their biggest one-day decrease since the Indianapolis-based company’s initial public offering in 2004.
The company hasn’t issued any additional information or statement, spokesman Bob Birge said in an e-mailed response to questions about the stock surge Wednesday.