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Technology Stocks : AUTOHOME, Inc -- Ignore unavailable to you. Want to Upgrade?

To: pass pass who wrote (12577)	7/17/1999 10:54:00 AM
From: red_dog	Respond to of 29970

DID THE second-quarter Internet correction spook Fidelity? You'd think so looking at the most recent portfolio of Fidelity's sector fund devoted to technology, which has only one Internet stock among its top 10 holdings, cable-modem chipmaker Broadcom (BRCM). Three-and-a-half months ago, Fidelity Select Technology (FSPTX) held three Net stocks among its top holdings: America Online (AOL), Excite At Home (ATHM) and eBay (EBAY). By the end of the quarter, all three were gone. Likewise for the $521 million Fidelity Fifty (FFTYX). At the end of the first quarter, half of its top 10 holdings were Internet stocks: eBay, AOL, Excite At Home, Amazon.com (AMZN) and Yahoo! (YHOO). By the end of the quarter, not one remained among new manager John Muresianu's top 10, supplanted by the likes of Philip Morris (MO) and Wal-Mart (WMT). Cyber stocks aside, Fidelity has not abandoned technology. The fund giant actually upped its tech weighting in many of its funds, according to its second-quarter report. The moves at the top of many portfolios appear to be in tech subsectors outside the Internet. Robert Stansky, manager of the $100 billion Fidelity Magellan (FMAGX), trimmed AOL from his top 10 and added the simmering telecom stock, AT&T (T), and Lucent Technologies