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Technology Stocks : Wolf speed

WOLF 20.52

+2.9%

3:18 PM EST

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To: Ron who wrote (738)	3/12/1998 10:27:00 AM
From: Walter High	Read Replies (2) of 10714

Ron: Article in the Raleigh News & Observer this morning about CREE stated that word circulated on the Street yesterday that Vinik has cut his stake in CREE to below 5% plus CREE itself had taken the opportunity to buy back shares while the price was down. The combination may have encouraged others to jump in as Vinik's dumping raised the active float. The article stated that Vinik's strategy is to take a big stake in a company (more than 5%) and file the appropriate papers with the SEC. Other investors (including other funds) see Vinik taking a stake and jump in also for the ride up. Vinik then dumps the shares after turning a nice profit. Apparently, he bought his 8% stake in CREE at an average price of about 23 1/2 or so. He didn't get out when it reached 29 and rode it down again. He dumped some in the low 20s and now has dumped more around 15-16. The Street's response to his exit is very positive because there is less to fear now. Walter High

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