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 cut exposure to 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 in the first quarter."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.
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 4280530.
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 7194247.
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