This is an excerpt from a long WSJ article on Fidelity - which is cautious about tech stocks. This passage explains that it reduced the number of shares in COMPAQ (and others) over the last few months. Elsewhere in the article it is positive about the sale of low-cost PC's. As we have noted, institutions net buying of COMPAQ has risen 9% over the last 13 weeks, institutional ownership has remained at about 56%, which is within the long-term norm.
_________________
"But Mr. Stansky said the earnings assumptions of technology investors had grown "a bit too idyllic" so he took some profits. Over the past six months he reduced his holdings of Lucent Technologies Inc. from 14.8 million shares to 7.4 million, which made it drop from his closely watched top 10 holdings. Mr. Stansky also no longer owns Internet portal Yahoo Inc. or 3Com Corp., the computer network equipment maker. And, over the past six months, he reduced the number of shares he holds of Compaq Computer Corp., Dell Computer Corp. and EMC Corp., the fast-growing computer-storage company". |
