Considering Southwest Airlines' recent safety issues and Q2 forecast reductions, I believe the stock is likely to decline. Additionally, skepticism about their management and strategic moves like the 'poison pill' defense introduce further uncertainties that make it a prime candidate for a short position.

Southwest Airlines is facing significant operational challenges and leadership issues. The company's shift to overnight routes could lead to major problems and its multiple looks higher than airport comparables, suggesting potential downside risks. Buying puts is worth considering.

With activist investor Elliott Management pushing to replace 10 board directors, I believe there's a significant chance of a turnaround at Southwest Airlines. Elliott's track record and expertise could drive improvements in technology and revenue management, pushing the stock higher.