Word: stockings
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...been in no mood to listen to words of caution, even from well-known seers like Joseph Granville. When Granville issued his famous "sell everything" recommendation on Jan. 6, 1981, the Dow dropped 23.8 points in a single day. This year Granville issued The Warning, a book predicting a stock-market crash comparable to the disaster of 1929. Since the book appeared in September, the Dow has climbed 222 points. --By Charles P. Alexander. Reported by Raji Samghabadi/New York
...thinks that many airlines, including Eastern, Pan Am, Western and Ozark, are vulnerable to takeovers. But People Express is not on the hit list, Burr insists. Says he: "It would be nearly impossible to take over People. We're bulletproof." Burr points out that 62% of his airline's stock is controlled by employees, directors or other friendly investors...
...fares, have depressed profits. Between October of 1984 and last March, People suffered operating losses of $21 million. In the following six months the airline recovered to earn $58 million, but some Wall Streeters think it moved back into the red during the last quarter of 1985. Its stock has dropped from a peak of 25 7/8 in 1983 to 9 3/8 last week...
Burr went on to earn an economics degree at Stanford and a Harvard M.B.A. He always had a fascination with airlines, and so at 24 he took a job at Wall Street's National Aviation, a mutual fund dealing in airline securities. Six years later, after proving an astute stock picker, he became its president. He left in 1973 to join troubled Texas International Airlines and rose to be chief operating officer within three years. One of his first steps was to begin trying out radical fare discounts to boost business. But Burr soon began to form a more revolutionary...
...tests to make sure job applicants had the same daring spirit that he did. By November 1980 Burr had gathered together a band of renegades who were attracted by People's you're-the-boss structure. They included a flight scheduler and a personnel manager. The new company issued stock, raising enough cash to buy 17 used 737 jets. Five months later People Express made its maiden flight, from Newark to Buffalo...