The airlines were absolutely crushed during trading on Wednesday. Several events collided to create a panic causing some of the airlines to plunge up to 10%. Whether or not the news of the day was material, the media was full of market pundits referring back to the airline industry of old without justification. One of the primary reasons for the dramatic sell off was attributed to the information provided by the CFO of Southwest Airlines (NYSE:LUV) at the Wolfe Research Global Transportation Conference. The updated capacity information from Southwest Airlines combined with some soundbites from the CEO of American Airlines Group (NASDAQ:AAL) led the market to the conclusion of an all out price war. Read more