Shares of Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV -0.12% fell 1.2% in premarket trading Wednesday, after the air carrier said November load factor came in below previous expectations and raised its fourth-quarter estimate for average daily cash burn, as the recent spike in COVID-19 cases has led to lower demand and renewed travel restrictions. The company said November load factor fell to 48% from 55% in October, and was below previously provided guidance of 50% to 55%. Operating revenue for the month was down 63% from a year ago, in line with previous guidance of down 60% to 65% and a slight improvement from down 65% in October. November average daily core cash burn was $13 million, up from $10 million in October. The company now expects fourth-quarter average daily core cash burn of $12 million, compared with the previous estimate of $10 million to $11 million, "driven by weakening leisure demand and booking trends, as well as increased trip cancellations." Southwest's stock has lost 14.0% year to date, while the U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS +0.50% has dropped 26.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.38% has gained 14.4%.