Word: pantepec
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...Israel Oil Co. and Israel-Mediterranean Petroleum doubled in value, jumped more than a point apiece to 2½. Pantepec Oil Co., which had a brief flurry last winter after a radio tip by Columnist Walter Winchell (TIME, Jan. 31) but has done little since, shot up nearly two points to 6 1/8. Israel-American Oil Corp. climbed if points to triple in value and close at 3¼. Between them the four companies traded 365,500 shares. For stockholders in the companies (total shares outstanding: 15 million), the paper profit on the stock rise amounted to some $23 million...
...stock was Pantepec Oil Co., a small company listed on the American Stock Exchange. In his Jan. 9 broadcast Winchell had a "piece of big advance news" that Pantepec had discovered "substantial oil reserves in the El Roble fields in Venezuela," and would hand out a stock dividend...
Actually, as in many cases before, Winchell's news was hardly new. Pantepec had announced its discovery on Nov. 24. The New York Times had already printed a note about it without affecting the market notably. But the week before Winchell's tip, heavy buying, reportedly in Florida, pushed Pantepec's stock volume from 32.000 shares to 174,800, boosted prices from 5½ to 6¾. The Monday following Winchell's broadcast Pantepec sold an alltime record 357,500 shares, at 8⅞, up more than two points. Soon after, Pantepec started dropping...
There is no doubt that some speculators are cleaning up on Winchell tips. Many traders, gambling that a Winchell-tipped stock will rise on Monday and then drop, sell it short. In Pantepec the short interest jumped from 500 shares on Dec. 15 to 92,327 shares on Jan. 14. Thus, those who sold the stock short after the tip instead of buying it, have already cleaned up more than $100,000 on the drop...
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