British Airways: Flying high

Pessimists have been pricing British Airways for a crash landing. Its shares are down by about a quarter in the past three months out of panic about high oil prices and a slowing global economy. But the airline’s results out on Friday demonstrate that these fears look overstated. Nine-month profit rose 22% as the carrier sold more first-and business-class tickets. BA bumps along at about a mere six times earnings, and that looks cheap. The UK icon benefits from the loyalty of business customers...