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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX)
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To: SilasSan who wrote (578)9/21/1999 3:27:00 PM
From: Neil H  Read Replies (1) of 1983
 
Commentary from Thomsons - Indicates continued weakness for another week or so.

MFNX -- Divers Comm Svcs -- Technology
21-Sep-99 11:55:30 Strong activity in Metromedia Fiber's November 25 puts, which is trading at $4, make it an interesting stock in today's market. A total of 1760 contracts have traded on AMEX today while it's open interest stands at 436. A review of MFNX's price performance reveals that while the stock is up 46% on the year, it's down 31% in the third-quarter. Metromedia's institutional ownership is heavily weighted with aggressive growth and momentum-type institutions. These investors, who have little patience with stocks who are not showing immediate price and earnings momentum, have been selling off since June. While many of the big-name momentum investors are likely to be out of the stock by now, there remain a number of high-profile mutual fund owners who will be getting their portfolios ready for their quarter-end snapshots over the next week and a half. This means market laggards, such as MFNX, will be replaced with shares of better performing issues. Further, the firm recently closed the acquisition of AboveNet in an all-stock transaction which means there are now AboveNet shareholders and arbitrage players who are shaking out of the stock. As such, it is not surprising to see the stock come under pressure - not to mention the longer-term investors who are still in the black and are eager to lock in gains.

Regards

Neil
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