Stock Strategist: Consolidation Won't Cure These Overvalued Stocks.

Byline: Marisa E. Thompson

Feb. 7--"And they're off to the races..."

So goes the beginning of any horse race--but this time, it's the market racing to buy up shares of major airline stocks. These stocks have witnessed a meteoric rise, climbing more than 18 percent (on average) since US Airways' merger proposal for Delta Airlines in November 2006. Although US Airways has now withdrawn its offer, the market is still contemplating the idea that legacy carriers might eventually merge. The long-awaited arrival of consolidation has everyone speculating--and not ju