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Technology Stocks : VIAB (Viacom Class B shares) formerly CBS -- Ignore unavailable to you. Want to Upgrade?

To: MGV who wrote (2388)	8/25/1998 11:51:00 PM
From: MGV	Read Replies (2) \| Respond to of 4613

Today's IBD presents information of a major sale of CBS by the Morgan Stanley DW Dividend Gr Sec B Fund as of 3/31/98. It sold 5.4 Million shares. It appears that prior to the massive sell CBS was the fund's 2nd largest holding. The question why it sold is easily answered if you think a moment (or less). CBS announced just prior to 3/31 that it would eliminate its dividend. Judging from the fund's name, I would assume that it is required to hold only stocks that pay dividends. The elimination of the CBS dividend likely triggered an automatic sell order. Now I am beginning to understand why CBS tanked from its highs in March-April. It was the dividend elimination and institutional requirements, at least in substantial part. CBS lost its price (and technical) momentum then. It is taking some time to recover. The delays in finishing up the industrial asset sales has not helped. Neither has the overall market. After this report of a large sale you might want to know that another fund featured in IBD lists CBS as its 3rd largest new buy. The Vankamp Amercap A Enterprise bought 740,000 shares.