Fidelity boosts AOL stake in Q1
CBS.MarketWatch.com
marketwatch.com
NEW YORK (CBS.MW) -- Fidelity saw first-quarter weakness in AOL Time Warner as a buying opportunity, according to SEC filings.
Fidelity, the country's biggest mutual-fund company, added 30.2 million shares of AOL (AOL) during the period, bringing its stake in the media giant to 155 million shares.
"They increased their shares of AOL by more than 20 percent," noted David Pittelli of Fidelity Investor, a Needham, Mass.-based investment newsletter. "That was an interesting move."
Other major fund companies were net sellers of AOL during the quarter, including Janus. The Denver growth-fund manager shed 27.7 million shares, or 15 percent of its stake. The firm still holds 155.7 million AOL shares.
Putnam slashed its position in AOL by 93 percent, selling 8.8 million shares, and AIM sold 26 percent of its stake, or 8.2 million shares. |
