Word: comsat
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...share, demand for it was so great that brokers rationed it to 50 shares or less per customer and only the favored few got their piece of space. But professional Wall Streeters generally stood aloof, willing to sell it but not so willing to buy. Comsat might become the bluest of space-age blue chips, they said, but that was many profitless years away...
...professionals failed to assess prop erly the romance of space and, as a result, vastly underestimated Comsat's continued attraction for investors. The stock has been rising almost steadily for three months, and last week it soared in a speculative orbit...
Flabbergasted Street. Opening on Monday at 55½, Comsat danced all over the tape as the week's most active stock, then closed on Friday at 64⅝. The flood of buy orders twice forced the Stock Exchange to delay Comsat's opening, and trading once had to be suspended for two hours. The Federal Communications Commission ordered an "informal" inquiry to make sure that in the speculative rush foreign ownership had not exceeded its 20% legal limit. The stock hit a record high of 66¼ after Comsat announced plans to start the first commercial service between...
...seemed to care that Comsat's officers had put red warning flags all over the issue. Chairman Leo D. Welch and President Joseph Charyk cautioned that Comsat was a chancy venture that would not loft a satellite for another year or a profit for at least three. But buyers were motivated by a sense of patriotism, a desire to become charter members in an exciting enterprise, and the solid conviction that any company backed by the Government and by American Telephone & Telegraph Co. was ultimately bound to succeed. Said one Manhattan investor: "I'm buying this stock...
...shares that it sold a fortnight ago to A.T. & T. and other communications companies, Comsat last week disposed of another 5,000,000 shares to more than 500,000 individual investors-the biggest initial distribution in history. A few customers managed to get 50 shares, but most had to be content with ten or fewer. An IBM computer system printed and registered the entire issue, saving 25,000 man-hours of work. Sales were over the counter, with regular trading on the New York, Midwest and Pacific Coast stock exchanges expected to begin in July. The market held fairly firm...