This market cap crap is about as legitimate as the supply and demand oil price relationship.
If you think that any of these airlines were worth 5 or 10 times what they're worth now less than a year ago, you're crazy. You probably also believe that the demand for oil has doubled in the last four months.
UAL has worldwide route authorities, branding, gates, slots, frequent flier programs, etc, etc.
I would bet that UA could sell SOME of their route authorities for more than ANYONE would ever give you for JetBlue.
One of us is talking about reality.......one of us is talking about more of the same Wall Street BS that has ruined S&L's, mortgage lending, commodities, tech, etc. You choose which is the real reality.
PIPE
It looks like you have been smoking from the PIPE.
Market cap directly reflects the companies debt burden, access to capital, cash on hand, ect....
This is the part where you put the pipe down and pay some close attention. You may have the nicest house on the block. a Lexus in the drive way and the largest flat screen they make (UAL has worldwide route authorities, branding, gates, slots, frequent flier programs, etc, etc.). It's worth NOTHING, if you are leveraged to the max and you can't service the debt. UAL has maxed out their credit card and making future payments in the current economic enviroment doesn't look good.
Market cap reflects what Walls Street thinks of current mgt and their business plan. Tilton, need I say more, no fuel efficient aircraft on order and the worst hedging of the majors.
Who do you think is going to be the one financing any deal to "UAL has worldwide route authorities, branding, gates, slots, frequent flier programs, etc, etc." That's right Wall Street. The same ones who value UAL less then JBLU.
Time to clean the water in the bong Cheech (or the crack out of the pipe).
Market cap is what you get after all of the good stuff that you blindly refer to gets subtracted from all of the negative stuff that you choose to ignor.
Welcome to reality