Fidelity Slashes Charter Stake6/10/2003 9:24 AM Eastern
FMR Corp. -- parent of Fidelity Management & Research Co., one of the
largest groups of mutual funds -- said Tuesday that it has reduced its holdings
in Charter Communications Inc. by almost one-third.
In a filing with the Securities and Exchange Commission Tuesday, FMR said it
had 9.9 million shares of Charter class-A common stock, or about 3.4% of
outstanding shares. That's down from 27.4 million, or 9.3% of Charter's
outstanding stock, which FMR held as of Dec. 31.
Saddled with a high debt load and a shrinking basic-subscriber base, Charter
has seen its stock fail to as low as 76 cents per share in the past year.
The stock, though, has been gaining ground in recent weeks -- it was priced
at $3.38 each June 3, up from $3 May 30.
Charter shares fell 7 cents each to $2.88 in trading