Andrew Wolf had a feeling that doughnuts would change things for his employer, BB&T Corp.

In April, when an initial public offering by Krispy Kreme Doughnuts Inc. took Wall Street by storm, Mr. Wolf, an equity analyst for BB&T Capital Markets, got a taste of celebrity. The Winston-Salem, N.C., banking company was one of four managing underwriters on the offering. While tech stocks tumbled, Krispy Kreme shares nearly tripled. By September everyone was calling it a dream stock.

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