The partial government shutdown took its toll on Southwest Airlines.
The month-long hiatus prevented the carrier from launching its new route to Hawaii and led to widespread delays at airports, taking a $60 million bite out of first quarter sales.
Weak passenger demand also hurt the airline.
Southwest cut its growth estimate for a key revenue metric.
Goldman Sachs added to the pain, downgrading the shares to "sell" from "neutral" and cutting its price target.
Analyst Catherine O'Brien thinks the shutdown would force it to heavily discount its inital Hawaii fares, saying, "We now expect initial flights to have a one to one-and-a-half month selling window, putting more pressure on management to fill planes in a shorter time frame." What's more, the airline has been canceling flights due to a conflict with maintenance staff and weather issues.
Flight-tracking service FlightAware.com says Southwest accounted for about a fourth of all flights canceled across the U.S. on Tuesday.
Southwest shares had staged a strong rally this year, up 24 percent, but gave back some of those gains at the market open on Wednesday.
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