But he agreed that many analysts and investors do not believe this.
If investors believe that, stock prices could be pushed lower.
In other words, investors believe the two companies are worth $20 billion less together than they were separately.
The investors believe the payoff may not come for many years.
Many investors believed that stock prices had simply fallen to very low levels.
Now they just have to convince investors to believe in it too.
But other analysts and investors believe that the company will hold its ground.
If investors cannot believe the figures put out by public companies, they will be much less willing to risk their money on stocks.
The news seemed to make many investors believe that the worst of the hard times for airlines was over.
Of course, some investors also believe the company is innocent.