NO MENTION

Credit Suisse downgraded CAL and upgraded LCC based on the probability of merger between UAUA now that CAL has said it is not interested in a merger with UAUA. The report goes on about other winners and loser but it never even mentions the idea that AMR, CAL and BA are applying for the same transatlantic antitrust immunity that was recently won by DAL-NWA-KLM-AirFrance.

When the market ignores such powerful information, it is clear that the mindset is extremely negative. Of course, with CAL selling at such a large discount to its cash holdings, we already knew the market mindset is extremely negative. The realization that an opportunity is being missed will make for a big swing in this stock.