We know Katrina had a negative impact on earnings, ... They (investors) are looking more forward than backwards on earnings.

I think we're seeing investors being convinced that we hit the bottom and from here we'll go through some softening of the economy. But if we're going to get back into the market, we want to do it now because the market is a leading indicator.

This stalling is likely to continue as we get through this period. But in early to mid April, you could start to see stocks move higher as the earnings reports start coming in and they prove to be positive, as the economic news continues to be strong and as the issues that are going to determine the election become more clear.

If a company is so sure that their stock is a bargain that they're willing to buy it back, that's reassuring.

Nonetheless, we look forward to completing the EC review process and then promptly obtaining final approvals from the U.S. and U.K. governments.

As you would imagine, today's news comes at a difficult time for the nation, a difficult time for the airline industry and a very difficult time for American Airlines.