Knockout Knockoff Scents

Jean Philippe Fragrances has been, well, smelling sweetly to investors since April, 1991--when its stock, trading at 4, was favorably discussed in this column. On Aug. 4, it closed at nearly 17 and has been attracting the shorts, who can't believe that Philippe, a maker of alternative designer fragrances--known less euphemistically as knockoff perfumes--can sustain such rapid earnings.

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