Double-Digit Disaster: 10 Big Names Fall Off the Cliff

9. Southwest Airlines Co. (NYSE:LUV)

Southwest Airlines snapped a four-day winning streak on Thursday, slashing 11.16 percent to close at $33.26 apiece, as investor sentiment was dampened by a dismal earnings performance and a weaker growth outlook.

In the second quarter of the year, Southwest Airlines Co. (NYSE:LUV) was able to book $213 million in net income, marking a 42-percent drop from the $367 million in the same period last year. Net income for the six-month period also declined by 53.3 percent to $64 million from $137 million year-on-year.

Meanwhile, total operating revenues during the quarter period dipped by 1.5 percent to $7.2 billion from $7.35 billion, while revenues during the first semester were flat at $13.7 billion.

Looking ahead, Southwest Airlines Co. (NYSE:LUV) remained cautious about its business outlook, expecting revenue per available seat mile (RASM) to dip or inch up by 2 percent in the third quarter of the year.

Southwest Airlines Co. (NYSE:LUV) also announced a $2 billion share buyback program for a period of up to two years.