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☆ Southwest will soar again into open U.S. skies
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Jan 6 (Reuters Breakingviews) - The costs of Southwest Airlines’ (LUV.N) Christmas debacle landed on Friday. The company expects that some 17,000 flight cancellations will eat away between $725 million and $825 million of fourth-quarter pre-tax profit, creating a net loss in the period. Despite experiencing major disruptions before, $20 billion Southwest always manages to resume cruising altitude. Southwest, United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) account for about two-thirds of the market. The Southwest enterprise now trades below 4 times expected 2023 EBITDA, a discount to peers.

☆ U.S. FAA names experts to review Boeing safety culture after fatal crashes
▼ + stars: | 2023-01-05 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 5 (Reuters) - The Federal Aviation Administration (FAA) said Thursday it had named 24 experts to review Boeing’s safety management processes and how they influence Boeing’s safety culture after two fatal 737 MAX crashes killed 346 people. Boeing did not immediately comment Thursday, but has previously emphasized it has made reforms to its safety culture that cost the company billions of dollars. In September, the FAA finalized a policy to protect aviation employees who perform government certification duties from interference by Boeing and others. In May, the FAA opted to renew Boeing's Organization Designation Authorization (ODA) program for three years rather than the five years Boeing sought. The FAA continues to subject Boeing to enhanced oversight, inspecting all new Boeing 737 MAXs and 787s before they can be delivered.

☆ Southwest has no solutions for recent debacle, faces up to $1 bln revenue hit - union official
▼ + stars: | 2023-01-05 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

On the call, details of which have not been reported before, Nekouei said the company offered no immediate solutions. Before the recent crisis, Southwest had cultivated a reputation for reliable customer service, humorous flight crews and low-cost flights. Southwest, which has said it is making "solid progress" to return operations to normal, had no immediate comment on Thursday. Nekouei said the union's calculations suggest the latest debacle could result in an up to $1 billion revenue hit for the carrier. The pilots union has called that so-called "deadheading" practice fatiguing and inefficient.

☆ U.S. Senate Commerce chair plans hearings after Southwest Airlines meltdown
▼ + stars: | 2023-01-04 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S. Senate Commerce Committee chair Maria Cantwell on Wednesday said the panel intended to hold hearings after Southwest Airlines' (LUV.N) recent meltdown that led to nearly 16,000 flight cancellations in the week ending Dec. 29. The FAA's operations must be reauthorized by Sept. 30 and the measure has traditionally been used to advance aviation reforms. The Southwest flight cancellations have been cited by some lawmakers as evidence that Congress needs to strengthen protections for air travelers. Buttigieg has repeatedly vowed to hold Southwest "accountable" if it fails to fulfill commitments to customers for "controllable delays and cancellations." That one would require airlines to provide non-expiring vouchers when passengers are unable to fly for certain pandemic-related reasons.

☆ Southwest reports progress on flights, refunds, White House watching
▼ + stars: | 2023-01-03 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The White House said Southwest "failed its customers" and added that the government would seek to fine the low-cost Texas-based airline if it does not appropriately reimburse customers for their losses. Southwest said that during the New Year holiday weekend ending Sunday it operated 11,092 flights, or 99.1% of scheduled flights. Southwest had canceled 59, or just 1% of its flights on Tuesday, according to FlightAware. "Southwest Airlines failed its customers -- point blank," Jean-Pierre, adding the Transportation Department "will seek fines from Southwest if it doesn't cover" required costs. Southwest was sued on Dec. 30 by a passenger who said it failed to provide refunds to passengers left stranded.

☆ Southwest Airlines is sued for not providing refunds after meltdown
▼ + stars: | 2023-01-03 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

REUTERS/Shelby Tauber/File PhotoNEW YORK, Jan 3 (Reuters) - Southwest Airlines (LUV.N) has been sued by a passenger who said it failed to provide refunds to passengers left stranded when an operational meltdown led the carrier to cancel more than 15,000 flights late last month. Capdeville, a Marrero, Louisiana resident, is seeking damages for passengers on Southwest flights canceled since Dec. 24, and who did not receive refunds or expense reimbursements. The meltdown at Dallas-based Southwest has been blamed on staffing shortages and outdated flight scheduling software. The carrier largely restored normal operations on Dec. 30, several days after other airlines had recovered from the storm. The case is Capdeville v Southwest Airlines Co, U.S. District Court, Eastern District of Louisiana, No.

☆ U.S. FAA slows air traffic over Florida due to computer problem
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Jan 2 (Reuters) - The Federal Aviation Administration (FAA) on Monday said it had slowed flight volume over Florida as it worked to resolve a problem with an air traffic computer system. The problem hampered a system known as the En Route Automation Modernization (ERAM) used to control air traffic, according to a spokesperson at the U.S. regulator who did not provide further details. The issue emerged after a massive winter storm snarled air travel during the Christmas holiday season, crippling operations at low-cost carrier Southwest Airlines (LUV.N). reporting by Nathan Layne; Editing by Howard Goller and David GregorioOur Standards: The Thomson Reuters Trust Principles.

"There'll certainly be an impact to the fourth quarter," Chief Commercial Officer Ryan Green told reporters on a call on Thursday. While other U.S. airlines got back to their feet relatively quickly, Dallas-based Southwest is still limping back to normalcy. Employee unions say they have repeatedly warned Southwest management that the airline's technology systems badly needed upgrades. Flight attendants have been complaining about technological failures at the airline for years, according to Lyn Montgomery, president of the Southwest Airlines Flight Attendants Union, a local 556 of the Transport Workers Union. The comments echoed those of the Southwest Airlines Pilots Association, which said leadership had failed to adapt operations to address repeated systems failures, despite years of calls for improvements by the union.

☆ Stocks making the biggest moves premarket: Shaw Communications, Li Auto, Southwest and others
▼ + stars: | 2022-12-30 | by ( Peter Schacknow | ) www.cnbc.com time to read: +1 min

Shaw surged 10.1% in the premarket, while Rogers gained 0.4%. Li Auto (LI) – Li Auto said it expected to deliver more than 20,000 of its electric vehicles this month, higher than the 14,087 the China-based EV maker delivered in December 2021. Tesla (TSLA) – Tesla is down 1% in the premarket after posting its first back-to-back gains since November 22 to 23. Mesa Air Group (MESA) – The regional air carrier reported a bigger-than-expected quarterly loss and revenue that fell short of analyst estimates. Mesa shares fell 3% in premarket trading.

☆ Southwest Airlines operations back to normal after being crippled by storm
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 30 (Reuters) - Southwest Airlines (LUV.N) was up and running on a normal schedule on Friday after a massive winter storm crippled operations this week and exposed problems at the low-cost carrier. "Let me just be straightforward here: the storm had an impact but we had impacts beyond the storm that obviously impacted Southwest very differently," Jordan said in an interview with ABC's "Good Morning America." Map shows U.S. airports where an average of at least 25% of flights by Southwest Airlines were cancelled from Dec. 19 to 28. Southwest Airlines has promised to reimburse passengers for expenses such as hotels and car rentals in addition to refunding tickets and said there would be a still-undetermined hit to its earnings. The Southwest chief executive said he had a "great conversation" with Buttigieg and their goals were aligned.

☆ The Investing Club's top 5 things to watch in the market Friday: Stocks lower, China Covid cases, Dogs of the Dow
▼ + stars: | 2022-12-30 | by ( Zev Fima | ) www.cnbc.com time to read: +2 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Biden admin to hold Southwest accountable if it fails to fulfill pledges to customers -Buttigieg
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Dec 29 (Reuters) - The Biden administration will hold Southwest Airlines (LUV.N) "accountable" if it fails to fulfill commitments to customers for "controllable delays and cancellations," Transportation Secretary Pete Buttigieg said on Thursday, after the airline canceled thousands of flights in the wake of winter storms. In a letter to Southwest CEO Bob Jordan dated Dec. 29, Buttigieg also said the company has agreed to honor "reasonable" requests for reimbursement for alternative transportation for passengers whose flights were canceled or delayed between Dec. 24 and Jan. 2. Southwest did not immediately respond to a request for commentReporting by David Shepardson; Writing by Alexandra Alper; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Southwest says process to reposition airline crew, aircraft was "manual"
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Southwest Airlines passengers wait in line at the baggage services office after U.S. airlines, led by Southwest, canceled thousands of flights due to a massive winter storm which swept over much of the country before and during the Christmas holiday weekend, at Dallas Love Field Airport in Dallas, Texas, U.S., December 28, 2022. REUTERS/Shelby Tauber/File PhotoDec 29 (Reuters) - The process for repositioning airline crew and aircraft following storms that dramatically disrupted Southwest Airlines (LUV.N) flights was "manual," CEO Bob Jordan told reporters on a briefing call Thursday. Executives also said the airline would reimburse passengers whose travel was disrupted for full flight fare in addition to expenses including hotels, meals, rental cars and gas for rental cars. Reporting by Alexandra Alper and Ismail Shakil; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

The storm forced U.S. airlines to cancel thousands of flights around the holiday weekend, but Southwest's problems deepened while other airlines largely recovered. Southwest plans to return to normal flight schedules on Friday, the airline said in a statement, adding it was eager to get back to normal ahead of the New Year holiday weekend. On a Sept. 27 picket line, she added, one sign read, "Picket line loading, Southwest Airlines technology failure." The comments echoed those of the Southwest Airlines Pilots Association, which said leadership had failed to adapt operations to address repeated systems failures, despite years of calls for improvements by the union. The U.S. Transportation Department is investigating the large number of cancelled and delayed Southwest flights in recent days to determine if they were in the airline's control.

☆ Southwest Airlines plans to return to normal operations on Friday
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

[1/2] Southwest customers visit the help desk after U.S. airlines, led by Southwest, canceled thousands of flights due to a massive winter storm which swept over much of the country before and during the Christmas holiday weekend, at Dallas Love Field Airport in Dallas, Texas, U.S., December 28, 2022. REUTERS/Shelby TauberDec 29 (Reuters) - Southwest Airlines Co (LUV.N) plans to return to normal operations with minimal disruptions on Friday, the carrier said on Thursday. Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Tesla, Cal-Maine, Southwest and others
▼ + stars: | 2022-12-29 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Cal-Maine Foods (CALM) – Cal-Maine slid 4.9% in premarket trading after its quarterly earnings came in below Wall Street forecasts. General Electric (GE) – GE spin-off GE HealthCare Technologies will join the S&P 500 when it begins trading as a separate public company on Jan. 4. Vornado will replace logistics company RXO (RXO), which will move to the S&P SmallCap 600. GE HealthCare — trading on a when-issued basis — rose 1% in the premarket, while Vornado was marginally lower and RXO jumped 3.3%. Apple (AAPL) – Apple is up 1% in premarket trading after closing Wednesday at a 1-1/2 year low.

☆ CFRA says Southwest Airlines remains a strong buy, despite recent turmoil for travelers
▼ + stars: | 2022-12-29 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Southwest Airlines is still a stock worth buying despite the recent bout of flight cancellations, according to CFRA Research. CFRA analyst Colin Scarola maintained his rating of the stock as a buy. He said the stock's drop this month on the back of the cancellations has made it a smart time to buy in. Scarola cut his per-share earnings estimate on the stock for 2022 to $1.20 from $1.86. Southwest has attributed its challenges to internal technology platforms that the company says got overwhelmed by the volume of schedule changes .

☆ Premarket stocks: Wall Street's biggest winners and losers in 2022
▼ + stars: | 2022-12-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. The energy sector has so far returned more than 60% this year, significantly outperforming every other S&P 500 sector. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date. The energy sector reported the highest year-over-year earnings growth of all 11 sectors, at 137.3%. Elon Musk’s Tesla (TSLA) is also down about 70%, making the auto tech company the third worst performer this year.

☆ Southwest flight upheaval a 'system failure,' U.S. says
▼ + stars: | 2022-12-28 | by ( Kanishka Singh | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 28 (Reuters) - U.S. Transportation Secretary Pete Buttigieg said that large-scale flight schedule disruptions at Southwest Airlines (LUV.N) were no longer a weather-driven issue and represented a system failure within the company. The rest of the aviation system and other airlines seemed to be back from the weather disruptions, Buttigieg said. More than 2,500 Southwest Airlines flights were canceled as of Wednesday morning, according to the flight tracking website FlightAware. REUTERS/Michael A. McCoy 1 2 3Delta Air Lines (DAL.N) said in an email it had capped fares in all markets where Southwest operates, including domestic and international markets. Southwest told Reuters that it would reimburse customers for travel-related costs and that it had already processed thousands of requests by Tuesday.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) advanced over 0.6% each as U.S. 10-year Treasury yields slipped to 3.83% from 3.86% on Tuesday . Among the major S&P 500 sectors, technology (.SPLRCT) and consumer discretionary (.SPLRCD) gained nearly 0.5% and 1% respectively, while healthcare shares (.SPXHC) also were a major boost to the benchmark index. Tesla Inc (TSLA.O) rose 5.3%, after hitting its lowest level in more than two years in the previous session over demand worries in China. Energy stocks (.SPNY) bucked the trend as oil prices slipped on concerns about a surge in COVID-19 cases in top oil importer China. The benchmark S&P 500 (.SPX) is down 19% year-to-date and set for its biggest annual loss since the financial crisis of 2008.

☆ Stocks making the biggest moves premarket: Tesla, AMC, Southwest and others
▼ + stars: | 2022-12-28 | by ( Peter Schacknow | ) www.cnbc.com time to read: +1 min

Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform. AMC Entertainment (AMC) – AMC Entertainment rose 1.2% in premarket trading after CEO Adam Aron asked the movie theater chain's board to freeze his salary. Southwest Airlines (LUV) – Southwest Airlines fell 1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Apple (AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. It rebounded by 1.1% in premarket trading.

☆ Futures edge higher as investors assess China reopening
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.25%, S&P 0.19%, Nasdaq 0.14%Dec 28 (Reuters) - U.S. stock index futures edged higher on Wednesday as investors weighed the unwinding of pandemic restrictions by China against surging COVID cases in the world's second largest economy. "If the Chinese reopening story is positive for oil and commodity prices, it's bad news for global inflation," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The surge in Chinese demand will certainly boost inflation through higher energy and commodity prices and in response to higher inflation, the central banks will continue hiking rates." ET, Dow e-minis were up 84 points, or 0.25%, S&P 500 e-minis were up 7.25 points, or 0.19%, and Nasdaq 100 e-minis were up 15.75 points, or 0.14%. They hit their lowest level in more than two years in the previous session over demand worries in China.

☆ The Investing Club's top 5 things to watch in the market Tuesday: Stocks edge up, China, Tesla
▼ + stars: | 2022-12-27 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding Ltd and Pinduoduo Inc (PDD.O) climbed around 2% each in premarket trading. With a handful of trading sessions left this year, investors are hoping for a so-called "Santa rally" at the end of what has been a largely disappointing month for U.S. equities. Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes. ET, Dow e-minis were up 147 points, or 0.44%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 5 points, or 0.05%. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. to examine Southwest Airlines cancellations, calls 'unacceptable'
▼ + stars: | 2022-12-27 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Dec 26 (Reuters) - The U.S. Transportation Department (USDOT) said late on Monday it would examine the large number of Southwest Airlines (LUV.N) cancelled and delayed flights in recent days to determine if they were in the airline's control, calling them "unacceptable." "USDOT is concerned by Southwest Airlines’ disproportionate and unacceptable rate of cancellations and delays as well as the failure to properly support customers experiencing a cancellation or delay," the department said. It said it would "closely examine whether cancellations were controllable and whether Southwest is complying with its customer service plan as well as all other pertinent DOT rules." Southwest delayed 48% of flights on Sunday and 16% on Monday. Other major U.S. airlines suffered significant cancellations in recent days but not nearly at as high rates as Southwest and they have now largely recovered.

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