Shares of Southwest Airlines Co (NYSE:LUV) are 7.9% lower before the bell, after the airliner adjusted its full year 2024 guidance lower. In a statement, Southwest Airlines said it was "reevaluating all prior full year 2024 guidance, including the expectation for capital spending" amid delayed deliveries from embattled Boeing (BA). In addition to expectations of flat to a no more than 2% rise in revenue, the company also showed weaker-than-expected leisure bookings for the first quarter.
On the charts, LUV is set to open near the $31 area, or its lowest level of trading since early February. Support from the 200-day moving average is moving into place with today's drop, but the equity is set to breach its year-over-year breakeven mark and add to a 1.4% March deficit.
It's worth pointing out that LUV ranks high on the Schaeffer's Volatility Scorecard (SVS), with a score of 99 out of 100. This suggests the security exceeded option traders' volatility expectations in the past 12 months, which is a boon for premium traders.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.