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Southwest Airlines (NYSE:LUV) stock slipped in premarket trading on Wednesday as thousands of cancellations continue.
According to FlightAware, Southwest has canceled over 2500 flights on Wednesday, adding to nearly 2700 cancellations on Tuesday and thousands more on Monday. The data provider has accounted for over 2300 cancellations planned for Thursday as well. The levels of cancellations represent between 58% and 64% of scheduled flights per day in the three day span.
The outsized cancellation rate contrasts sharply with comparatively negligible rates at major competitors like Delta Air Lines (DAL), United Airlines (UAL), and American Airlines (AAL). As such, Southwest has come under regulatory scrutiny.
“Southwest passengers have experienced unacceptable disruptions and customer service conditions,” Transportation Secretary Pete Buttigieg said on Tuesday evening. “I have made clear to their executives that our department will hold Southwest accountable for making things right with their customers and employees.”
Buttigieg also rejected weather-related excuses on Wednesday in comments to Good Morning America.
“We are past the point where they could say this is a weather-driven issue,” he told the program.
Read more on the DOT investigation into flight cancellations.
