CORPORATIONS: A Needed Lift for Lockheed

OFFICIALS of troubled Lockheed Aircraft Corp. seemed to be living through a good news-bad news joke last week. The good news: the company got a much-needed lift when British European Airways ordered six of its wide-bodied airbuses, L-1011 TriStars, and took options on six more. The bad news: a few days later the Army canceled Lockheed's contract for developing the Cheyenne attack helicopter, which had been on the drawing boards for seven years but never got into production because of technical bugs and mounting cost estimates.

The quick counterpoint neatly symbolized Lockheed's so-so progress in the year since Congress saved...