4 Big Airlines Face U.S. Inquiry Over Frequent Flier Programs

The investigation may lead to stricter regulations or alterations in how loyalty programs are structured, which could affect overall customer satisfaction and perception of these airlines. Negative changes or limitations to existing rewards could lead to a drop in consumer loyalty and, potentially, a decline in stock prices as profitability concerns may arise from reduced program appeal.

The potential for regulatory changes might negatively impact the operational flexibility and profitability of these airlines if they are forced to adjust their loyalty programs significantly. Such changes may lead to increased customer dissatisfaction, potentially affecting airline revenues in the short run.

While these changes might create short-term investor concern, they could also provide opportunities for smaller airlines or those with more favorable reward programs to attract customers. Long-term, this could shift market dynamics.

A broader investigation and possible regulatory changes can complicate Delta and Southwest's operational strategies, possibly affecting their stock performance negatively in the near term as they adjust.