Alaska Air Group ALK is facing significant challenges from rising operating expenses and a deteriorating liquidity position, which are adversely affecting the company's bottom line and making it an unattractive choice for investors' portfolios.Let's delve deeper.ALK: Key Risks to WatchSouthward Earnings Estimate Revision: The Zacks Consensus Estimate for current-quarter earnings has moved 46.6% south in the past 60 days. For the next year, the consensus mark for earnings has been revised 38.8% downward in the same time frame.