Source: Forbes

Shares of UAL Corporation, the parent company of United Airlines, rose 2.5% in Monday morning trading, on the same day that Crain's Chicago Business reported that the company has hired investment banking giant Goldman Sachs & Company to explore various strategic options, including possibly merging with other airlines.

Crain's sourced people close to United as saying that Goldman will help the airline giant determine the value of its holdings and look for possible mergers. Continental Airlines and Delta Airlines are the most likely partners, Crain's said.

That had investors excited, as shares of UAL jumped 69 cents to $28.51, while shares of Continental rose 32 cents, or roughly 1% to $29.50. Shares of Delta, which is reorganizing after filing for Chapter 11, increased by 13 cents, or 11.6%, to $1.25.

However, in a Monday report, Ray Neidl, an analyst for Calyon Securities, said that "any potential increase in stock prices of bankrupt carriers that may be targets would only be temporary…since stockholder value in all likelihood would be wiped out in bankruptcy."

Neidl said that if a merger does take place, United will likely be the buyer.

"In the past, top level United Airlines management have expressed the opinion that in industry was going to have to consolidate and have given indications that it would want to remain in control if United participated in a merger," the analyst said.

Neidl rated shares of UAL as "neutral".