Making myself an analyst for a minute:

Why would an airline IPO today?

1. They have a story and "mo" and think the institutional investment market will respond
2. They can take advantage of the fact that IPO entries are really down right now
3. There are things happening that are likely to negatively impact earnings in coming quarters - so even though they can expect nervous investors of the day to be shy and their pricing party to fall flat, it will still be probably better today than a year from now.
4. They already made a commitment to the IPO and to not follow through now might be interpreted as weakness - nahhh
5. You're the stuff, your EPS proforma is the stuff, and your IB is horny to bring you to the dance.

So what's JetBlue's story?