04:40 AM EDT, 06/10/2024 (MT Newswires) -- Southwest Airlines Company ( LUV ) shares were 5.4% higher Monday premarket after The Wall Street Journal reported Sunday, citing people familiar with the matter, that activist investor Elliott Investment Management acquired a nearly $2 billion stake in the carrier.

Elliott is planning to push for changes in order to address the airline's underperformance, including its lagging share price which fell by more than half in the past three years, according to the report.

WSJ said further details of the plan could not be learned.

The New York-based firm is one of the largest investors of Southwest ( LUV ), which has a market capitalization of about $16.6 billion, according to WSJ.

Southwest Airlines ( LUV ) and Elliott did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 29.25, Change: +1.50, Percent Change: +5.41