Fidelity Sells Newspapers
From Boston Globe and Boston Herald and New York Post
Come November, Ned Johnson will end his 14-year run as a newspaperman. Fidelity Capital has unloaded its newspaper unit -- Community Newspaper. Herald Media, the parent company of the Boston Herald, will purchase the chain of 88 weekly and daily newspapers that is read by nearly 900,000 readers in eastern Massachusets. Terms were not disclosed, but reports peg the price at $100 million. Fidelity said that the Herald approached it with an offer to buy the papers. The Herald itself reports an unnamed source saying the deal was "a drop in the bucket'' to Fidelity and no big deal.

Lynch Sells Fidelity Stock
From Boston Globe
The other sale at Fidelity reported yesterday was made by ex-Magellan manager Peter Lynch. The famed fund picker said in filings that he sold 60,566 Fidelity shares between Dec. 1, 1998 and Aug. 31, 2000 for $53 million. The shares for sale represent more than 1 percent of FMR's total. Lynch took $9 million in cash and $44 million in a promissory note for the stock. In all likelihood, Lynch's sales were part of an agreement that senior Fidelity executives make to sell shares back to the fund giant.

Net ETF is Based on MSDW Net Index
From New York Times
One of the six exchange-traded funds debuting today from SsgA include on tracking the Morgan Stanley Internet index. Investors may be intrigued that Mary Meeker, Barron's Queen of the Net, is one of the analysts picking the 29 stocks in the index. Meeker is scheduled to appear today at the initial launch of the fund.

Value Leads the Field on the Quarter's Last Day
From Investors Business Daily
Just when it seems every fund company has launched an Internet fund (there are now more than 40), value funds start to win the race. Barring a major move in the markets today, small-cap value funds will gain nearly six percent for the third quarter, according to Lipper Analytical. Mid-cap value funds will gain roughly 4.5 percent and multicap value funds 3.8 percent. Meanwhile small-cap growth funds are down nearly 2.5 percent and large-cap growth are basically even. Winning sectors were financial services and real estate funds.

What to do with Tech?
From The Wall Street Journal
The average tech fund has earned a four-bagger (as Peter Lynch would say) over the past three years. The downside of this outsized track record is that the funds are changing as their assets balloon. The article explores whether investors should hold onto their tech funds or sell.  

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