Delta and Northwest flaunt mergera

By Charles Edwards

Atlanta, ga – In New York today, the heads of Atlanta-based Delta and Northwest Airlines touted their merger into world's largest air carrier.

Their words came as Wall Street showed a cool reaction to the news.

Now that both airlines finally reached a deal, they must convince shareholders, federal regulators and others to sign on to the merger.

During a webcast of today's announcement, Delta CEO Richard Anderson wasted no time launching the PR campaign.

ANDERSON: We're creating an airline that can effectively win and compete in the global marketplace. A strong US global carrier is important for our country and for consumers.

It's not clear if the stock market will share that sentiment. Early today, shares for Delta and Northwest fell significantly.

Plus, US House Transportation Chair James Oberstar, an influential player in the federal regulatory process, reiterated his opposition to airline mergers.

The Justice Department said today it will begin reviewing the deal.