Word: glamoured
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Gush of Oil. For the funds, this has been the year of the big switch. Many have selectively sold off glamour stocks and cyclical shares (autos, steels, non-ferrous metals), which swing along with the ups and downs of the economy. They have gone into more solid, less spectacular "defense" shares that stand to grow with the U.S. population, such as food manufacturers, electric utilities, oils and insurance companies...
...bullish 1965, the No. 1 glamour stock was Fairchild Camera and Instrument, which soared from a low of 27 ¼ to a high of 165 ¼, the biggest percentage gain of the year. The company owed its gargantuan gain to its pinpoint-tiny microcircuits-the new electronic marvels that bond and fuse complete, complex electrical circuits onto a sliver of silicon. In early 1966, Fairchild stock continued to rocket, finally hit 2161, a hefty 65 times earnings, before it began to recede. Last week it went into a big fall, and took other electronics stocks down with...
Even before Bradlee arrived, the Post's international news coverage had begun to show marked improvement; it has had an expanded foreign staff to call on ever since 1962, when it set up a joint news service with the Los Angeles Times. But the glamour of the big stories - whether national politics or events abroad - does not distract from home-town coverage. Post reporters track down local stories from the city's southwest slums to the bedroom suburbs of Maryland and Virginia...
Monday, Oct. 10, started the same way, with the average in early trading off almost six points from the closing price of the previous week. Then came the comeback. Led by such glamour stocks as Sperry Rand, Polaroid, Fairchild Camera and Xerox, the market made a broad advance, and the industrials finished the day with a 10.9 point advance...
...often happens, the little bears got into short-selling just in time to be badly hurt; they had to scramble quickly as the averages rose to cover short positions in both glamour stocks and blue chips. As a result, both highflyers and such long-dull blue chips as A.T. & T., Chrysler, Du Pont, Jersey Standard and U.S. Steel were traded unusually heavily, and most ended the week with a gain...