Word: comsat
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Dates: during 1964-1964
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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...
Vice President La Rue Applegate, "but we never expected this run up." One big reason for the run up is the stock's short supply. Half of Comsat's 10 million outstanding shares have been held from the start by 163 U.S. communications companies; the others are held by more than 200,000 individuals, most of whom still own fewer than 50 shares each and who show little inclination to part with them. Mutual funds and insurance companies have been grabbing large blocks when they could...
...repay it at a lower price. But after Dec. 3, the first date on which investors could take capital gains, the price went higher in stead of lower, forcing short sellers to scramble to cover their losses and sending the stock even higher. Many bro kers, fearing that Comsat could be riding for a fall, got on the telephones last week to warn their customers away...