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Apr 17, 2014

Analysis – Fidelity biotech fund among worst performers in April sell-off

BOSTON (Reuters) – One of the biotechnology sector’s worst two-week declines in the past decade has clobbered one of Fidelity Investments’ hottest funds.

The $9.4 billion (5.5 billion pounds) Fidelity Select Biotechnology Fund FBIOX.O plunged 11.75 percent during the first 14 days of April. That put the fund near the bottom among nearly 3,800 U.S. mutual funds tracked by Lipper Inc. Only six funds performed worse, but they had less than $100 million in assets each.

Apr 17, 2014

Fidelity biotech fund among worst performers in April sell-off

BOSTON (Reuters) – One of the biotechnology sector’s worst two-week declines in the past decade has clobbered one of Fidelity Investments’ hottest funds.

The $9.4 billion Fidelity Select Biotechnology Fund plunged 11.75 percent during the first 14 days of April. That put the fund near the bottom among nearly 3,800 U.S. mutual funds tracked by Lipper Inc. Only six funds performed worse, but they had less than $100 million in assets each.

Apr 16, 2014

Fidelity Contrafund avoids Big Oil, adds to Tesla stake

BOSTON, April 16 (Reuters) – Fidelity Investments’ $109
billion Contrafund continues to avoid big oil companies, but
added to its position in electric car maker Tesla Motors Inc
in the first quarter as portfolio manager Will Danoff
cut exposure to biotech stocks ahead of the recent sell-off in
that sector.

Contrafund returned 0.47 percent in the first quarter,
lagging the 1.81 percent advance of the S&P 500 Index.
Amazon.com Inc was the fund’s biggest detractor, but
Danoff maintained his overweight position in the stock,
according to his first-quarter commentary released on Wednesday.

Apr 14, 2014

Boston Marathoners vow to take back New England’s sacred race

BOSTON (Reuters) – “Left on Boylston” in this American city means only one thing on marathon day.

It means you’re in the home stretch of the Boston Marathon, and all of the early morning runs in the dark New England winters, and all the wild cheering from family and friends, and all your memories about Bill Rodgers, Joan Benoit Samuelson and Uta Pippig, are about to carry you across the finish line.

Apr 10, 2014

Fidelity explores new trading venue amid flash trade concerns

BOSTON (Reuters) – Fidelity Investments said on Thursday it is exploring the creation of a new trading venue with other asset managers, as U.S. regulators investigate the controversial practice of high-frequency trading.

Fidelity, the No. 2 U.S. mutual fund company, and other so-called buy-side firms have been using alternative trading systems (ATS) to reduce predatory behavior that undermine getting the best price when trading stocks. In 2012, for example, Fidelity introduced an extension of its CrossStream ATS to execute block trades anonymously, including features to monitor predatory behavior and to reduce information leaks, Fidelity said at the time in a press release.

Apr 9, 2014

Bond fund manager Hasenstab encouraged by Ukraine outlook

BOSTON (Reuters) – Templeton Global Bond Fund manager Michael Hasenstab, who has a multibillion-dollar bet on Ukraine bonds, says he is confident the country can flourish over the next decade and that the international community can put together a reform package to solve any short-term liquidity and solvency issues.

“I think the current government has done an exceptional job of tackling not just the short-term issues but really setting the stage for Ukraine to flourish over the next five to 10 years by putting in place very difficult, but very important structural reforms,” Hasenstab said in remarks released on Wednesday.

Apr 8, 2014

GM is late delivering ignition switch fix to dealers

By Tim McLaughlin

(Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) is running two days behind Chief Executive Mary Barra’s plan to begin shipping replacement ignition switches in its massive recall, dealerships and the company said on Tuesday.

The National Highway Traffic Safety Administration also said on Tuesday that GM had missed an April 3 deadline to respond to the agency’s request for information about the recall. GM said it was cooperating fully.

Apr 4, 2014

BNY Mellon’s Arledge faces scrutiny as Main Street strategy lags

BOSTON (Reuters) – BNY Mellon Corp’s investment management chief Curtis Arledge is on the hot seat.

More than three years after the world’s largest custody bank paid big money to bring him in to remake its asset management business, with a particular emphasis on pulling in more Main Street investors to its Dreyfus funds arm, the strategy has yet to pay off.

Apr 3, 2014

Former Fidelity executive poses new challenge to 401(k) unit

BOSTON, April 3 (Reuters) – Robert Reynolds, a former
Fidelity Investments executive, wants to become a formidable
rival to the largest U.S. 401(k) recordkeeper.

Reynolds, who runs Great-West Lifeco U.S. Inc, said
on Thursday he struck a deal to buy the large 401(k)
recordkeeping unit of JPMorgan Chase & Co Inc. The deal,
in which terms were not disclosed, creates the second-largest
U.S. recordkeeper of 401(k)-style retirement plans with 6.8
million participants and $387 billion in assets.

Apr 3, 2014

Dealers say GM customer anxiety rising, sales may take hit

BOSTON (Reuters) – An ignition switch defect linked to deadly crashes and mounting recalls are raising anxiety in General Motors Co showrooms, according to dealers who increasingly are fielding calls from customers concerned about the safety of GM cars.

The Ancira Auto Group in San Antonio, Texas, expected a banner March after a strong February, but it came up 28 vehicles short of its goal of selling 200 cars and trucks, Vice President April Ancira said in an email.