8:49 am: Outbreak will cost Southwest up to $300 million in the first quarter

Southwest Airlines warned investors that the outbreak will cost the U.S. carrier up to $300 million during the first quarter. “In recent days, the company has experienced 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,” the airline said. It said its revenue per available seat mile, a key measure of performance, was slashed. The company now says it will fall to somewhere between a 1% gain and a 2% decline. It previously said its year-over-year revenue per seat mile would rise 3.5% to 5.5%. —Kopecki