In its first quarter guidance, Southwest Airlines notes that although it experienced “healthy passenger booking and revenue trends for the first two months of 2020”, with year-over-year increases in operating revenue per available seat mile (RASM, or unit revenues), the airline is now experiencing a significant decline in customer demand, as well as an increase in trip cancellations, which is assumed to be attributable to concerns relating to reported cases of COVID-19. Based on these recent revenue trends, which are currently expected to impact the remainder of March 2020, Southwest now estimates its first quarter 2020 operating revenues to be

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