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Technology Stocks : Winstar Comm. (WCII)
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To: Bill Turk who wrote (9931)1/9/1999 9:01:00 PM
From: Bernard Levy  Read Replies (1) of 12468
 
Bill and Scott:

The Fidelity investment in WCII certainly validates Winstar's
long term business prospects, but Fidelity does not have a
buy and hold investment style. The Fidelity Select Utilities
Growth fund had a WCII stake last Spring and dumped it
when the stock headed South last summer. At some point
last Spring, Fidelity also held a huge LOR stake, which
it trimmed when LOR nosedived. The main advantage of
Fidelity's stake is that it will strike fear in the hearts
of non-edged shorts. If shortable shares are difficult to find,
shorts are extremely vulnerable to sustained buying pressure
by a big fund company such as Fidelity.

Best regards,

Bernard Levy
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