09:38 AM EDT, 06/10/2024 (MT Newswires) -- Southwest Airlines ( LUV ) rose nearly 8% shortly after the opening of Monday trading, after Elliott Investment Management called for new leadership atop the company and on its board of directors and said the carrier should launch a comprehensive business review to "evaluate all available opportunities to rapidly restore the Company's performance."

Writing in an open letter to the Southwest ( LUV ) board as well as other Southwest ( LUV ) investors, Elliott contended that by modernizing the airlines operations and strategy, it can lift its stock price by about 77% to around $49 a share over the next 12 months. In particular, Elliott is arguing Southwest ( LUV ) require new leadership from outside the company currently while also leveraging "the fresh perspectives" of new directors.

Elliott owns roughly 11% of Southwest's ( LUV ) outstanding stock, valued at around $1.9 billion, it said.

Price: 29.96, Change: +2.21, Percent Change: +7.96