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Technology Stocks : VSGN
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To: Ram V who wrote (93)10/14/1997 10:41:00 AM
From: John Solder   of 131
 
This was the quarter VSGN was supposed to post their first profit.
But due to recently announced "higher than normal development costs"
I think they won't show a clear profit till year end.

Both IONAY and VSGN have been drifting down recently. IONAY IPO'd
ar 24 and has backed way off. VSGN was trading in the high teens for
a while earlier this year.

If you look into the Institutional holdings of both and their net
buys and sells over the last qtr. Some interesting things show.

As of 6/97 shares held or picked up in the qtr.
(this is a partial list of just the overlaps)

FUND VSGN IONAY
-------- ----------- -------
Oppenheimer 695,000 470,000
Morgan Gty 480,000 237,000

The main thing I notice (other than the same funds buying both)
is that most funds that have a position in either of these have
been adding to their positions within the last qtr. No sales of
VSGN with only one 430,000 sale of IONAY. But that sale was offset
by a new buy of 597,000 shares by Pilgrim Baxter MM of IONAY.

Basically The big boys are adding to their holdings at a discount.

I did the same thing but my avg price is of VSGN is $10.

I think this is an indication that these are still long term holds.

I just saw that yesterday VSGN reported that they would report a LOSS
of between $0.24-$0.26/share due to costs associated with changing
from a database access providopr to a ORB/CORBA vendor and their
costs associated with aquiring another firm this year. I think the
estimate was for a $0.13/share loss.

Their price is off 1/2 to 6 this AM.
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