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Was Southwest's Decline a Call to Face the Reality of Lower Fuel Prices?

The airline industry has its eyes on Southwest Airlines' (LUV - Get Report) share price Wednesday morning, following Tuesday's 9% decline.

The precipitous fall came after Southwest said fourth-quarter revenue per available seat mile "will be approximately flat to down 1%." Prior guidance was that RASM would be up 1%.

Speaking on Fox Business News, Southwest CEO Gary Kelley said, "It's still a very competitive environment out there {and} fares are a little soften than what we thought they would be for the quarter."