You know why it's 70 now? Because they more than tripled their profits since then. And consistently every quarter have beat the quarter before for many years. If you think that the number 20 is relevant you are just extremely dumb. Sorry for making it personal for you too.
You make interesting points.
How about talking about a P/E bottom rather than an absolute price?
The other question is how does the Virgin America purchase affect the value. Most people see the purchase mainly as a strategy to block JetBlue from purchasing Virgin America. They paid a hefty $ for that, and that might be the reason for the current drop, which might be a case of "this time it is different".