One interesting note from yesterday’s news about Delta’s earnings:  Their CEO said that the $1 billion in annual revenue and cost synergies fromthe merger are “really conservative.” As they delve further into the merger, they expect that “significantly more [cost/revenue synergy] opportunities” to be found.

Which is to say, “We have no idea what’s going to happen, but we’re sure we’ll magically make more money.”  Never believe the synergy hype.