Southwest to Pare Back Winter Schedule

Southwest(LUV Quote - Cramer on LUV - Stock Picks) says it plans to reduce flying by about 5% in January.

The carrier's winter schedule, which begins Jan. 11, shows a reduction of nearly 200 flights. Southwest currently makes about 3,400 daily flights.

During a conference call in July, Southwest CEO Gary Kelly said the carrier would likely cease growing in 2009, after growing by no more than 4% in 2008. "From July forward, our flying is essentially flat," he said.

Chicago Midway will lose the most flights -- 22 departures to 20 cities. Baltimore, Las Vegas, Phoenix and Nashville each will lose about a dozen flights. Some of the flights are expected to resume in March, when airline travel typically begins to pick up after the slower winter season.