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The Transportation Department’s new rule also sets the definition for what constitutes a “significant” delay in air travel.

The airline will appoint six new directors to its board, avoiding a proxy fight with the activist investor Elliott Investment Management, one of its largest shareholders.

Several airports in Florida have temporarily shut down operations ahead of Hurricane Milton's landfall. This marks the second major storm to make landfall in the state in recent weeks.

Kaltbaum Capital Management President Gary Kaltbaum analyzes Nvidia and Southwest Airlines on 'Varney & Co.'

The move came after the hedge fund Elliott Management, which has more than 10 percent of the airline’s shares, called for cost containment and better profits.

The remarks come amid pressure from activist investor Elliott Investment Management, which has advocated for numerous changes at Southwest to improve its financial performance.

The airline has been under pressure from the hedge fund Elliott to replace its top management and make other changes to increase its profits.

Southwest Airlines Executive Chairman and former CEO Gary Kelly announced his intention to retire after the carrier's annual meeting next year amid activist investor pressure.

The Department of Transportation is making four major U.S. carriers hand over details about their rewards programs in order to ensure they aren't deceptive or anti-competitive.

The Transportation Department ordered American, Delta, Southwest and United to share more information about their rewards practices to ensure they are fair to consumers and rivals.

An activist investor has continued pushing for a “comprehensive" review of Southwest Airlines' business while simultaneously building its stake in the carrier.