AMR ( AMR ) and Delta ( DAL ) both reported profitable quarters last week, had strong unit revenue growth and suggested they could spin off their regional carrier operations to become leaner and more effective. But the first- and third-largest airlines got vastly different receptions. Analysts generally applauded Delta, whose new CEO spoke positively about consolidation. (Delta also signed a joint venture deal with Air France undefined that appears beneficial.) Yet the reaction to AMR's earnings was at best mixed, partially because it seemed unenthusiastic about spinoffs. For the week, shares of AMR, the parent of American Airlines, declined 7%, while Delta lost only about 1%. Perhaps because it has completed three questionable mergers in the past two decades, AMR has been cool to the merger talk that has pervaded the industry. It hasn't really warmed up to spinoff talk either. Instead, CEO Gerard Arpey has said he wants to avoid costly financial transactions and maximize returns for long-term shareholders.