Southwest Airlines' stock dropped Wednesday, after the air carrier trimmed its outlook for a key revenue metric, as close-in bookings for August disappointed.
Shares of Southwest Airlines Co. dropped Wednesday, after the air carrier trimmed its third-quarter outlook for a key revenue metric, as close-in bookings for August disappointed.
“Managed business trends continue to perform in line with expectations, and the company continues to expect overall corporate travel to have a modest underlying year-over-year sequential trend improvement in third quarter 2023 when compared with second quarter 2023,” the company said in a statement. “As a result, the company continues to expect record third quarter operating revenues.”
United Airlines Holdings Inc. UAL, +0.41% also raised its fuel cost outlook, citing a 20% jump in jet fuel prices since mid-July. United’s stock rose 1.0% in morning trading. The rally comes after it shed 3.6% amid a four-day losing streak to close Tuesday at a three-month low.
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