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 trimmed his position in 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.Tesla, meanwhile, helped the fund as did Danoff's avoidance of Exxon Mobil and Chevron."Our long-term fundamental view for Tesla remained positive, and we added modestly to the fund's position in the stock," according to the Contrafund commentary.Danoff said he doesn't believe Exxon and Chevron have strong growth prospects.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN traded higher by 2.4% or $7.6/share to $323.68. In the past year, the shares have traded as low as $245.75 and as high as $408.06. On average, 4575700 shares of AMZN exchange hands on a given day and today's volume is recorded at 4279362.
Tesla Motors, Inc. (Tesla) designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. Shares of TSLA traded higher by 2.68% or $5.2/share to $199.11. In the past year, the shares have traded as low as $44.54 and as high as $265.00. On average, 9384960 shares of TSLA exchange hands on a given day and today's volume is recorded at 7190279.
Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM traded higher by 1.28% or $1.26/share to $99.94. In the past year, the shares have traded as low as $84.79 and as high as $101.74. On average, 12582700 shares of XOM exchange hands on a given day and today's volume is recorded at 12508091.
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