Word: itek
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...York City Sir: Your statement "Itek ... became [a] glamor stock even while . . . still operating in the red" [June 1] is not factual. Itek, founded in September 1957, initially had three profitable years, during which its sales moved from scratch to some $30 million per year, and during which it fully justified investor confidence. Itek's fourth year ended "in the red," largely as a result of unanticipated problems, now being solved...
...many still exist today? Similarly, to be sure, many "glamor" companies being founded today will not survive the next few decades. However, for the survivors, $1 invested today will be worth more than $1 invested in a slower-growing, "established" company, even after speculative excesses have been subtracted. Itek intends to be one of the survivors, perhaps one of the leaders, in the new field of Information Technology, which it has helped pioneer...
...Director Itek Corp. New York City
...their peaks, such stocks as IBM. Texas Instruments. Xerox and Hewlett-Packard climbed to anywhere from 80 to 120 times earnings. Raskob was a piker. Some companies such as Itek and Farrington became glamour stocks even while they were still operating in the red. And as investors became more and more intoxicated by growth, the inflation in price-earnings ratios spread across the board, from speculative risks to the conservative blue chips. Such companies as General Electric. Johns-Manville and International Paper saw their stock prices rise even though their per share earnings failed to increase-or even declined...
...Initials variously translated by Itek executives as Electronic Drafting Machine, Engineering Design Machine, or Engineering Drafting Machine...