Sabre's new leadership is remaking the company. At the start of this month, they attributed a decision to lay off approximately 900 people to a desire to become faster and more efficient. They're attacking overhead. They're streamlining products in the division housing airline reservations and related systems.

Sometimes stocks go up on news about layoffs. Not this time. Some investors were not satisfied with Sabre's story. After opening trading on Aug. 1 at $23, the stock price fell to $19.50. It has fallen further since, starting off Thursday trading at $17.40, the lowest . . .

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