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BEER BLOATWall Street's recent thirst for microbreweries' initial public offerings made for heady, if short-lived, valuations. Such fad stocks ``get a speculative froth,'' says Kathleen Smith, an analyst at Greenwich (Conn.)-based Renaissance Capital. Trouble is, small-time brewmeisters often don't have the marketing heft to grow with the speed that keeps investors happy. The market sobered up when it saw unspectacular earnings (Redhook Ale) or outright losses (Frederick). EDITED BY LARRY LIGHT
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Updated June 14, 1997 by bwwebmaster
Copyright 1996, Bloomberg L.P.
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