Stocks: Playing the Rock Market

Most adults have never put much stock in hard rock, but they may soon find MTV, the rock-video cable channel, a promising investment. Considered a risky venture when it made its debut in 1981, MTV has already attracted an audience of 21.8 million households. In August the channel's owners, American Express and Warner Communications, are expected to offer the first public shares in a new company called MTV Networks, which comprises the rock network and a children's cable channel, Nickelodeon. The corporate owners plan to sell 5.1 million shares priced at $16 to $18 each.

Following estimated losses totaling $46...

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