Technology: Itek Refocused

During the high-flying days of the scientific glamour stocks, few soared farther or faster than Itek Corp., a secretive Massachusetts maker of aerial photo gear. Its shares came out at $2 in 1957, shot up to $255 in 15 months, then split 5 for 1. The company attempted to pyramid itself with acquisitions, as Litton Industries has successfully done (TIME cover, Oct. 4). But it turned into what General Dynamics once was—a gangling collection of independent divisions sadly lacking central control. Itek lost $2,500,000 in 1961, and its stock began to drop, scraped a low of 9½ after Blue Monday.

This...

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