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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (2476)	11/28/2000 10:23:58 PM
From: J Fieb	Read Replies (2) \| Respond to of 4808

Having lived through the bad times at ANCR I can sympathize with anyone holding ZOOX, but if you don't have it don't buy any. I think the teams are pretty well laid out and the going won't get any easier for the weak. Didn't know where to put this post, so I put it here. It isn't about FC or storage really..... Fidelity blamed for tech crash By Craig Tolliver, CBS.MarketWatch.com Last Update: 6:16 PM ET Nov 27, 2000 BOSTON (CBS.MW) -- Playing the blame game, FreeEDGAR.com pointed the finger squarely at Fidelity Investments Monday for the market's third-quarter tech-astrophy. "As technology and telecommunications stocks crashed in the third quarter, the nation's largest mutual fund complex was selling them aggressively," the firm wrote in its SECrets Newsletter. __ "As the single largest player in the stock market... Fidelity Investments undoubtedly contributed to the market rout." FreeEDGAR.com Fidelity parent FMR Corp. sold more than $1 billion each of stock in market leaders such as Nokia (NOK: news, msgs) , Vodaphone and Nortel (NT: news, msgs) , and more than $500 million each of Lucent (LU: news, msgs) , EMC (EMC: news, msgs) and JDS Uniphase (JDSU: news, msgs) , according to Alpha Equity Research, which tracks Fidelity funds for institutional investors. "As the single largest player in the stock market, accounting for an estimated 15 percent of total volume, Fidelity Investments undoubtedly contributed to the market rout," FreeEDGAR said. FreeEDGAR mines the Securities and Exchange Commission's database of filings and registrations and makes them available to investors on their Web site. As an "insider," Fidelity must file a quarterly statement of holdings, Form 13F-HR. "FMR cut their Nokia stake in half in the third quarter. At the end of June they owned 101.7 million shares. At the end of September they had 50.2 million shares. At the end of June Nokia was selling at about $50 a share, (FMR) started selling in July, the stock got down to $37 in the first week of August and then it rallied up a little," FMR President David O'Leary told CBS.MarketWatch.com. "Then the sell pressure came in again in late September, their stock traded down to $40 and then collapsed in October to $27 dollars a share - which is probably when Fidelity stopped selling." Nokia's since turned around, closing Monday at $43.63. Blame Fidelity if you will, but also credit them for renewed interest in the company, O'Leary suggests. Fidelity's Select Wireless Fund (FWRLX: news, msgs) has taken in roughly $100 million since it opened in September and must "surely be a buyer of the stock," O'Leary added. "Our work shows that there's some buy pressure in Nokia now. They may have finished selling it and are now actually a net buyer," O'Leary said. A good reader of SI wouldn't have had much LU in their portfolio in the first place. A goood reader of SI will hold their JDSU, and EMC and buy more when FMR dumps their shares. These guys are the professionals? Kind of scary, and to think that people will trust them to make investment decisions for them. They should spend more time reading SI. Where are they going to go to make any returns? Where are they going to go? Since they are the BIG dog how many other funds just look to see what they do and do the same.