Continental Airlines Chief Executive Larry Kellner turned down merger overtures last week, writes Dennis K. Berman in the Wall Street Journal. He notes that executives are pressured by the media, analysts, lawyers and bankers to enter into mergers. "We always feel the undertow of it," Kellner said in an interview. "There's this huge momentum. You've got people working until 2 a.m. and coming back to the office at 8 a.m. But you've got to get confidence to come back and look at the facts."

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