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NEW YORK ( TheStreet) -- Southwest Airlines (NYSE: LUV) hit a new 52-week low Monday as it is currently trading at $7.78, below its previous 52-week low of $7.79 with 5.4 million shares traded as of 11:50 a.m. ET. Average volume has been 11.1 million shares over the past 30 days. Southwest Airlines has a market cap of $6.9 billion and is part of the services sector and transportation industry. Shares are down 38.1% year to date as of the close of trading on Friday. Southwest Airlines Co. operates as a passenger airline that provides scheduled air transportation in the United States. As of December 31, 2010, the company operated 548 Boeing 737 aircraft and provided service to 69 cities in 35 states. The company has a P/E ratio of 13.1, equal to the average transportation industry P/E ratio and below the S&P 500 P/E ratio of 17.7.