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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (129061)	5/26/1999 11:14:00 PM
From: Key West	Read Replies (1) \| Respond to of 176387

Stockman, Actually, a number 3 holding isn't as good as #2, but it's still a great vote of confidence from a great fund company. I didn't see any other PC makers in the top 6 KW

To: stockman_scott who wrote (129061)	5/27/1999 10:49:00 AM
From: David E. Taylor	Read Replies (2) \| Respond to of 176387

Janus isn't the only institutional shareholder that has been lightening up on Dell. According to the latest report I have available, as of 3/31/99, 565 institutional shareholders held 40.5% of Dell stock, or about 1.128 billion shares. That's down from 45% as of 12/31/98, a decrease of about 10% overall, or 125 million shares. In the 3 month period, 70 institutions established new positions, 38 liquidated their holdings. Some of the reductions are pretty dramatic, e.g. SBC Warburg reduced their overall holding from 78 million shares to 24 million, Fidelity from 64 million to 26 million. While some institutions increased their positions, the overall change was still down 10%. My guess is that this trend will continue, but it's going to take weeks, if not months, before the fund managers are all content with their Dell positions. Now I don't know how long these funds have held their positions or what their cost basis is, but the action of the last week and in particular the last few days would seem to indicate that they're unlikely to just dump large chunks of their positions at any price. Rather, we're likely to see this kind of 40 to 50 million volume day at 32 to 34 as the funds sell into whatever buying volume there is, and I don't see how we can recover to the 40+ range until this process is complete. In the meantime, I'm stuck with about 1/3 of the Dell position I used to have, with a remaining cost basis around 38-39. I should have followed my instinct and dumped it all on 3/19 at 40 after I heard Niles & Co. yacking away about not buying Dell until it hit the low 30's! Oh well! David T.