Fidelity Investments slashed its stake in software maker Computer Associates International Inc by almost half.
Fidelity, the biggest US mutual fund group, held 37.8 million shares, or 6.5 percent of the world's fifth-largest software maker as of April 30, according to a Securities and Exchange Commission filing. Boston-based Fidelity held 67.4 million shares, or 12 percent, on Dec. 31, according to Bloomberg data.
Computer Associates is the focus of an inquiry into what the Wall Street Journal has reported is the way it books revenue. The Islandia, New York-based company is also facing renewed demands for the removal of top management from Sam Wyly, who waged an unsuccessful proxy fight last year to gain seats on the company's board.
"They see something there that they not only don't like, but they don't think has a near-term prognosis that would enable them to hold [the stock] through a three-to-six-month time period," said Jim Lowell, editor of the Fidelity Investor newsletter.
"Fidelity was a very strong backer of management during the proxy battle."
Overall, Computer Associates was Fidelity's 40th-largest holding at yearend. As of March 31, it was the third biggest holding of Fidelity Low-Priced Stock Fund.
Wyly associate Stephen Perkins has said Wyly is considering another proxy battle.
Robert Gordon, a Computer Associates spokesman, declined comment.
While Fidelity was cutting Computer Associates, the company was adding shares of Continental Airlines Inc. and Frontier Airlines Inc. Fidelity held 8.32 million shares, or 13 percent, of Continental's outstanding stock as of April 30, a filing said.
That's up from 156,040 shares, or 0.2 percent, as of Dec. 31, according to Bloomberg.
Fidelity owned 3.14 million shares, or 11 percent, of Frontier's outstanding stock as of April 30, a filing said. That's up from 434,800 shares, or 1.5 percent, as of Dec. 31, according to Bloomberg.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day