INVESTMENT: Wrong Kind of Allure

Glamour stocks usually command premium, prices—and Playboy Enterprises could be described as bulging with glamour. Apparently it is not quite the right kind of allure for Wall Street. Since 1.1 million shares in the magazine and key-club empire were offered to the public earlier this month, the price has dropped from $23.50 to $15.63. Playboy Panjandrum Hugh Hefner's shares, worth $158 million at the offering price, have fallen about $53 million in value in a little more than two weeks.

The story is an old one on Wall Street: the stock came out in a weak market, and was bought...

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