Word: raytheon
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...share blocks. No specialist unit has gone broke during the bear market that dates from December 1968, but several have had to take in partners from brokerage firms to shore up their capital. Benton & Co.'s eight partners, who are specialists for U.S. Steel, Royal Dutch, Raytheon and 28 other issues, recently considered drawing straws to see who would sell his exchange seat to raise money...
...guidance system that performed this small miracle was developed by Raytheon and is being tested by the U.S. Department of Transportation. It consists of a computer, guidance lights, three traffic lights and magnetic sensing loops embedded in the outside lane of the freeway and in the entrance ramp. As cars move over the sensors, the computer learns how many are on the ramp and whether there are gaps available for them on the highway. When a space shows up, the computer begins lighting the string of green lights in sequence at the proper speed, producing a pacing light that moves...
Bumped by the Rules. Some JOBS programs have indeed done well. Raytheon has retained 99% of the people it hired, and a number of trainees rise to become secretaries and draftsmen. American Airlines, Eastern Air Lines and New York's Consolidated Edison also report successes. But Chrysler Corp., on the other hand, has canceled one of its several JOBS contracts calling for 4,450 production employees; and Chrysler's Chairman Lynn Townsend is the N.A.B. chief for the whole country. The company retained other contracts and has signed one to train 1,000 auto mechanics at its dealerships...
...first issue of The National Lampoon hits the newsstands. Every living Harvard alumnus buys a copy. Every living Harvard alumnus in a position of corporate power has had his corporation put an ad in it. There are ads for General Dynamics, Dow Chemical, Lockheed Aircraft, Raytheon, and many other companies. The cover story is a "lampoon" of defense industries...
Voracious Appetites. One reason for the surge in switches is that corporations are growing bigger and faster than ever before. International Telephone & Telegraph has been expanding so rapidly that it has not had time to develop enough of its own executives. Under Chairman Harold Geneen, himself hired away from Raytheon, ITT has taken on some 500 men from other firms in the past eight years. Besides creating voracious appetites for instant manpower, corporate bigness tends to dilute employee loyalty, with the result that executives are more willing to listen to new job offers. What makes them even more susceptible...