BOTTOM LINE: Southwest Airlines Co. reported first quarter net income of $98 million, including gains from its fuel-hedging program designed to soften the blow of higher fuel prices. Analysts usually exclude one-time gains and losses when they measure a company's results. On that basis Southwest would have lost $18 million, or 2 cents per share. Spending on fuel jumped 45.5 percent to $1.5 billion.

BEATS EXPECTATIONS: Analysts surveyed by research firm FactSet had predicted a loss of 5 cents per share.

STOCK BOUNCE: The results, pushed Southwest shares up almost 5 percent. They had fallen 21 percent since early February.