CORPORATIONS: Lights and Shadows

For one of Wall Street's alltime favorite glamour issues, Polaroid Corp. stock has been looking remarkably bedraggled lately. In May 1972 the price hit 149½, as optimism spread about the supersophisticated SX-70 self-developing color camera that Chairman Edwin H. Land had dramatically demonstrated to shareholders a month earlier at the annual meeting. The stock then rode a roller coaster (see chart) as great expectations about the camera alternated with apprehension about sales and technical difficulties. But in the past year or so, the lows have been getting steadily lower. Two weeks ago, negative brokerage-house reports knocked almost 20 points off...

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