Southwest by Southwest

Paula Abdul doesn't like Southwest Airlines. Allegedly. Very allegedly.

Some Southwest Airlines notes this morning, as I prep for an afternoon flight to Austin: Says here that CreditSights analyst Roger King figures now would be as good a time as any for the Dallas-based airline to get involved in a leveraged buyout. He "projects a possible market value of $15 billion for the low-cost airline, which is currently the largest American airline by market share [which] works out to about $20 per share, roughly $4.50 higher than its stock closed at Wednesday." Indeed, King say it's "a no-brainer." Doesn't mean it's gonna happen. In fact, it probably won't: Southwest CEO Gary Kelly said as much on CNBC's Squawk Box yesterday.

But Kelly did say changes are coming -- including the fact there could be Internet service aboard flights in the near future. Only, you'll have to pay for it -- and probably a few other things too, as the biz is in "transition," which means the money ain't pouring in like it used to. (Oh, really?) Oh, and you know who doesn't like how Southwest Airlines boards its passengers first-come-first-served-style? Paula Abdul, that's who. --Robert Wilonsky

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