Southwest Climbs on ‘Modest Improvement’ in Demand

Shares of Southwest Airlines  (LUV) – Get Report were rising in pre-market trading Wednesday after the airline said that there was “modest improvement” in close-in leisure passenger demand so far in the month of August. 

That improvement came after revenue and bookings stalled in early July and remained depressed for the remainder of the month due to the rise in coronavirus cases, the company said in its 8-K filing. 

Southwest also announced that it has decided to not participate in the non-binding loan application it signed with the U.S. Treasury Department for approximately $2.8 billion as it believes that it can secure other financing at favorable terms if needed. 

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