FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Caldwell Kirbyjon H   2. Issuer Name and Ticker or Trading Symbol CONTINENTAL AIRLINES INC /DE/ [CAL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 6000 HEATHER BROOK DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 02/27/2007 (Street) HOUSTON, TX 77085 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class B Common Stock 02/27/2007   M   5,000 A $ 29.61 5,288 D   Class B Common Stock 02/27/2007   M   5,000 A $ 11.61 10,288 D   Class B Common Stock 02/27/2007   M   5,000 A $ 13 15,288 D   Class B Common Stock 02/27/2007   M   5,000 A $ 23.62 20,288 D   Class B Common Stock 02/27/2007   S   1,300 D $ 38.96 18,988 (1) D   Class B Common Stock 02/27/2007   S   500 D $ 38.95 18,488 D   Class B Common Stock 02/27/2007   S   600 D $ 38.94 17,888 D   Class B Common Stock 02/27/2007   S   100 D $ 38.92 17,788 D   Class B Common Stock 02/27/2007   S   900 D $ 38.91 16,888 D   Class B Common Stock 02/27/2007   S   2,200 D $ 38.9 14,688 D   Class B Common Stock 02/27/2007   S   700 D $ 38.89 13,988 D   Class B Common Stock 02/27/2007   S   400 D $ 38.88 13,588 D   Class B Common Stock 02/27/2007   S   700 D $ 38.87 12,888 D   Class B Common Stock 02/27/2007   S   2,300 D $ 38.86 10,588 D   Class B Common Stock 02/27/2007   S   1,500 D $ 38.85 9,088 D   Class B Common Stock 02/27/2007   S   1,900 D $ 38.84 7,188 D   Class B Common Stock 02/27/2007   S   1,800 D $ 38.83 5,388 D   Class B Common Stock 02/27/2007   S   100 D $ 38.81 5,288 D   Class B Common Stock 02/27/2007   S   100 D $ 38.8 5,188 D   Class B Common Stock 02/27/2007   S   1,500 D $ 38.76 3,688 D   Class B Common Stock 02/27/2007   S   800 D $ 38.75 2,888 D   Class B Common Stock 02/27/2007   S   600 D $ 38.74 2,288 D   Class B Common Stock 02/27/2007   S   500 D $ 38.73 1,788 D   Class B Common Stock 02/27/2007   S   400 D $ 38.72 1,388 D   Class B Common Stock 02/27/2007   S   400 D $ 38.71 988 D   Class B Common Stock 02/27/2007   S   200 D $ 38.7 788 D   Class B Common Stock 02/27/2007   S   300 D $ 38.69 488 D   Class B Common Stock 02/27/2007   S   200 D $ 38.68 288 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Outside Director Option (Right to Buy)

$ 29.61

02/27/2007

M

5,000

04/17/2002

04/17/2012

Class B Common Stock

5,000

$ 0

0

D

Outside Director Option (Right to Buy)

$ 11.61

02/27/2007

M

5,000

05/14/2003

05/14/2013

Class B Common Stock

5,000

$ 0

0

D

Outside Director Option (Right to Buy)

$ 13

02/27/2007

M

5,000

03/12/2004

03/12/2014

Class B Common Stock

5,000

$ 0

0

D

Outside Director Option (Right to Buy)

$ 23.62

02/27/2007

M

5,000

06/06/2006

06/06/2016

Class B Common Stock

5,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Caldwell Kirbyjon H 6000 HEATHER BROOK DRIVE HOUSTON, TX 77085	X

Signatures

/s/ Kirbyjon H. Caldwell, by: Sarah E. Hagy		02/28/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On February 27, 2007, the reporting person sold a total of 20,000 shares at an average price of $38.8425. Following such transactions, the reporting person held a total of 288 shares.

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