Word: ratio
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...defined succinctly: "We've got to get the debt down and the equity up." In order to stave off a Lockheed bankruptcy in 1971, the Government guaranteed $250 million of an infusion of $645 million in bank borrowings by the company. This has left Lockheed burdened by a ratio of debt to shareholders' equity that would be uncomfortably high for any company. Under the new refinancing plan, the bankers agreed to exchange $50 million of the unguaranteed portion of the debt for warrants to buy Lockheed preferred stock. The remaining $350 million in unguaranteed debt was also converted...
...taken uncharacteristically bold positions that apparently reflect his strongly liberal bias. The most volatile issue on which he has spoken out loudly is the admission of women to the College. Before his official installation as president in October 1971 Bok called for a 2.5-to-1 male-female ratio to replace the 4-to-1 balance used for the Class of 1975 and its predecessors. This shift was relatively moderate, calling merely for a drop of 25 in the number of male undergraduates. But the move to equal access admissions this year--a policy officially endorsed by the Strauch Committee...
Died. Max Carey, 86, former Pittsburgh Pirate and Brooklyn Dodger outfielder who stole a spot in the Hall of Fame by swiping 738 bases during a 20-year career in the majors that ended in 1933; of cancer; in Miami. Noting Carey's better success ratio, some baseball observers rate him above legendary Base Bandit Ty Cobb, who finished his 24-year American League career with 892 steals. But while in one year Cobb was thrown out 38 times in 134 attempts, Carey, in 1922, stole 51 bases in 53 attempts...
Unfair Odds. Specifically, India has clamped a ban on the roughly $2 million annual export of snakeskins. That seemingly modest action was, in fact, a firm declaration of war against the nation's estimated 4.8 billion rat population, which outnumbers humans by a ratio of 8 to 1. Those are unfair odds. India's rats are believed to eat or destroy almost half the grain consumed in India-100 million tons; moreover, the rats are disease carriers, profligate breeders and just plain pests...
...ratio is calculated by dividing a company's profits per share for the most recent four quarters into the price of its stock. Thus if a company earns $5 a share and its stock sells for $50, its P/E is 10. P/E ratios vary wildly from stock to stock, based mostly on how rapidly investors think a company's profits might rise. In general, however, P/Es are still far below their peaks of the recent past, and they have not risen much this year...