TWO THINGS that are not wildly popular these days are fatty foods and, more recently, new Wall Street stock issues. So it may come as a surprise that the stock price of Krispy Kreme Doughnut Corp. has more than doubled since its initial public offering in April, a period in which the Bloomberg IPO Index has lost nearly 35 percent of its value. As The Money Report found when it examined IPOs in the May 13-14 issue, investors' ardor has cooled for new issues, now that they are not offering the stratospheric returns that were common during the Internet boom last year. Yet at its Thursday closing price of dollars 50.25, up from dollars 21 at the offering, Krispy Kreme looks like a high-tech stock, with a price-to-earnings ratio of over 62 based on expected operating profit in the coming year. The shares got a lift Thursday by the announcement of the company's first-quarter earnings, which at 27 cents per share were significantly higher than expected. While Krispy Kreme's stock — which hit a high of dollars 65 on May 16 — is new, the company is not: It was founded in 1937 in Winston-Salem, North Carolina.