Word: stockings
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Dates: during 1980-1989
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...certain denial of reality. Increasingly, however, they suffer from what is called a "cognitive dissonance" between the nominal economy and the real economy. In other words, they cannot figure out why so many are losing their jobs while 11 million new jobs have been created since 1981, why the stock market soars to record highs, and thousands of new businesses are launched every year while thousands go bust...
...last week's Food and Drug Administration hearing was unusually large, with many a gleaming pate to be seen in the crowd. The subject of discussion: minoxidil (brand name: Rogaine), the Upjohn Co. preparation that has given new hope to the balding and new vigor to the company's stock. Originally marketed as a treatment for hypertension, minoxidil, in liquid form, was found by 48% of the men in an Upjohn study to produce "moderate-to- dense" hair growth if applied twice daily. Dermatologist Robert Stern, who headed an FDA advisory panel reviewing the drug, finds this a bit misleading...
...none of these forces, as last week's action dramatically demonstrated, has repressed the urge to merge. Despite tax reform and rising stock prices, it is still cheaper to buy factories and offices than build them and easier to acquire new products than develop them. Modest interest rates, which are near ten-year lows, continue to make borrowing for takeovers relatively painless. Moreover, many dealmakers may be anxious to take advantage of the last two years of the Reagan Administration, which has been especially tolerant of huge mergers...
...itself the target of a $1.6 billion bid by TWA. Carl Icahn, the corporate raider who became TWA chairman last year, may envision a TWA-USAir- Piedmont-PSA aggregation that would become the third largest airline, with 16% of the market. Icahn, who controls 15% of USAir's stock, suffered at least a temporary setback last week when a federal judge barred him from buying additional shares...
Magazine Publisher Theodore Cross stands to earn a windfall after making a play last week for Harper & Row. Cross, who is already Harper's leading shareholder with 6% of the stock, offered $150 million for the rest of the book-publishing company. One day later Harcourt Brace Jovanovich, a publishing conglomerate, bid $220 million...