Stocks: A Whiz Kid's Windfall

During the record-smashing Wall Street rally that started last fall, even the long-moribund technology stocks have come back to life. Since October, according to the California Technology Stock Letter, shares in its index of 30 high-tech companies have climbed about 22%. Cashing in on that market strength, Microsoft, the second-largest independent manufacturer of computer software (1985 revenues: $163 million), announced last week that it will make an initial public offering of 2.5 million shares in March. The Bellevue, Wash., company hopes to garner $16 to $19 for each share. Microsoft may serve as a bellwether of the high-tech recovery. Says Michael...