  We report on the result of angle-resolved photoemission (ARPES) study of
La$_{2-x}$Sr$_x$CuO$_4$ (LSCO) from an optimally doped superconductor
($x=0.15$) to an antiferromagnetic insulator ($x=0$). Near the
superconductor-insulator transition (SIT) $x\sim 0.05$, spectral weight is
transferred with hole doping between two coexisting components, suggesting a
microscopic inhomogeneity of the doped-hole distribution. For the underdoped
LSCO ($x\leq 0.12$), the dispersive band crossing the Fermi level becomes
invisible in the $(0,0)-(\pi,\pi)$ direction unlike
Bi$_2$Sr$_2$CaCu$_2$O$_{8+y}$. These observations may be reconciled with the
evolution of holes in the insulator into fluctuating stripes in the
superconductor.

Superconductivity;Strongly Correlated Electrons