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Massachusetts Financial Cuts Its Stake in Emulex to 6.5%

November 18, 2000|Bloomberg News

Emulex Corp. shareholder Massachusetts Financial Services Co. has reduced its stake in the Costa Mesa company to 6.5% from about 10%, according to a regulatory report filed Friday. Massachusetts Financial, Emulex's second-largest shareholder, now holds about 2.4 million shares, the report to the Securities and Exchange Commission said. The filing didn't say when the shares were sold or at what price. Emulex makes fiber-channel and software products that speed the transfer of data between computers and storage systems. Computer and storage-system makers such as Compaq Computer Corp., International Business Machines Corp. and EMC Corp. are buying more of Emulex's products as broader use of the Internet boosts demand for data-storage gear. The company declared a 2-for-1 stock split last month. Emulex's stock fell $6.75 a share to $149 in Nasdaq trading. The shares have gained 32% this year.

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