SECURITIES

Presstek Shares Plunge as Promoter Faces SEC Probe: The promoter, Carlton Lutts, editor of the Cabot Market Letter, sent a letter to subscribers saying the Securities and Exchange Commission is looking into his relationship with the Hudson, N.H.-based printing press manufacturer. “Because of our high visibility in this stock, due to our repeated ‘buy’ recommendations for a full two years, the SEC has asked us for documents, including sources of our information on Presstek,” Lutts wrote to his 25,000 subscribers. Presstek Inc.’s shares fell $31.50 to close at $77.50 on Nasdaq. The stock peaked at $200 on May 21, and its two-week plunge--coming amid filings that company insiders were selling shares--erased more than $2 billion of its market value. Lutts said he has complied with all requests, and he denied wrongdoing.