Wall Street: Shocked Circuits

In 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...

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