Fidelity's awful timing

Discussion in 'Wall St. News' started by fhl, Feb 21, 2009.

  1. fhl


    "Fidelity bought 104 million shares of Citigroup in the quarter ended Dec. 31, bringing its stake in the bank to 171 million shares, or 3.1 percent, according to data compiled by Bloomberg".

    "Based on Citigroup’s average stock price of $10.91 in the fourth quarter, Fidelity’s additional shares have lost about $874 million."

    Not so good for Fidelity mutual funds, eh?