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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)

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To: j g cordes who wrote (21160)	7/27/1998 1:09:00 PM
From: gamesmistress	Read Replies (3) of 31646

Here's what Karl Drobnic posted about TAVA on his Tomorrowcast web site today: Monday JULY 27: Tava's announcement this morning of a contract with Los Angeles Water and Power for up to $9 million of Y2K work failed to rally the shares. The failure of TAVA to rally despite the recent spate of very good news indicates that there are excess shares in the market. We did some digging, and here's a theory. Renaissance Growth & Income (RENN, $9) is about to pay a hefty capital gains dividend. At 3/31, RENN reported owning 1 million shares of TAVA, and showed no realized cap gains in its 10Q filing. The only stock in their holdings that looks ripe for capital gains at 3/31 is Tava. We didn't talk to RENN, but it's an obvious source of two things: the excess shares depressing TAVA's price, and the current capital gain distribution being made by RENN could both be from RENN selling its huge Tava position. We'll know when RENN files its next 10Q. Karl, Monday am.-

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