Why American Airlines and Southwest Are Flying Lower Today

American plans a reboot as worries build about demand.American Airlines Group (AAL -14.70%) slashed quarterly estimates and announced the departure of its chief commercial officer, a sign of softening demand and a change of strategy.Shares of American were down 14% as of 1 p.m. ET, and the news is taking other airlines along for the ride. Shares of Southwest Airlines (LUV -4.77%) were down as much as 7% on Wednesday and traded down 5% as of 1 p.m. ET.Weakening demand and a change in strategyAirline investor ...