AS COMPETITION IN THE MUTUAL FUND BUSINESS GROWS INCREASINGLY INTENSE MORE PLAYERS IN THE INDUSTRY APPEAR WILLING TO SACRIFICE INTEGRITY IN THE NAME OF PERFORMANCE (4T0C0201)
FOR A TWO TRILLION DOLLAR BUSINESS BUILT ON PUBLIC CONFIDENCE THIS TREND IS DISHEARTENING AT BEST AND DOWNRIGHT DANGEROUS AT WORST (4T0C0202)
SO FAR THIS YEAR THE { INDUSTRY'S / INDUSTRY } SLIDE HAS BEEN APPARENT IN ALLEGATIONS OF INSIDER TRADING BY FUND MANAGERS UNSAVORY FUND SALES PRACTICES AT BANKS AND THE USE OF HIGH RISK DERIVATIVE SECURITIES IN NORMALLY CONSERVATIVE MONEY MARKET FUNDS (4T0C0203)
and in the latest blow to public confidence in the funds someone at industry titan fidelity investments decided last friday to send newspapers thursday's prices for most fidelity funds because the friday data wasn't ready (4t0c0204)
in the ensuing public humiliation suffered by fidelity this week as it was forced to fess up to its intentional mistake the company has sought to make clear that nobody bought or sold a fund direct from fidelity at the wrong price (4t0c0205)
THOUGH NEWSPAPERS LAST SATURDAY UNKNOWINGLY LISTED THURSDAY PRICES FOR ABOUT ONE HUNDRED AND FIFTY OF FIDELITY'S TWO HUNDRED AND EIGHT FUNDS THE COMPANY SAYS TRANSACTIONS EFFECTED FRIDAY WERE MADE AT THE CORRECT PRICES WHICH FIDELITY RECEIVED AFTER IT MET NEWSPAPER DEADLINES WITH THE WRONG DATA EARLY FRIDAY EVENING (4T0C0206)
BUT THAT DOESN'T CHANGE THE FACT THAT MOST { FIDELITY'S / FIDELITY } SHAREHOLDERS WERE LIED TO IN VARYING DEGREES IF THEY LOOKED AT THEIR FUND PRICES IN NEWSPAPERS LAST WEEKEND (4T0C0207)
THE UNIDENTIFIED FIDELITY EMPLOYEE WHO MADE THE DECISION TO GO WITH INCORRECT PRICES SHOULD SIMPLY HAVE LISTED THEM AS NOT AVAILABLE (4T0C0208)
THAT WOULD BE STANDARD FIDELITY PROCEDURE SAID JANE JAMIESON SENIOR VICE PRESIDENT AT THE BOSTON BASED COMPANY (4T0C0209)
FIDELITY'S MISTAKE AND MOST OF THE SELF ADMINISTERED BLACK EYES SUFFERED BY THE FUND INDUSTRY THIS YEAR HAVE ONE THING IN COMMON THEY COULD HAVE BEEN PREVENTED IF THE EMPLOYEES INVOLVED WERE PLAYING BY THE RULES EITHER THE FUND { COMPANIES' / COMPANY'S } INTERNAL RULES OR THE PRUDENT MAN RULE THAT IS SUPPOSED TO GOVERN THE INVESTMENT OF MONEY ENTRUSTED BY THE PUBLIC TO ALLEGEDLY PROFESSIONAL MONEY MANAGERS (4T0C020A)
THE PROBLEM IS THAT IT CAN BECOME VERY TEMPTING TO BEND OR BREAK THE RULES IN THE NAME OF STAYING COMPETITIVE (4T0C020B)
TAKE FIDELITY'S CASE AS AN EXAMPLE (4T0C020C)
SOMEONE THERE HAD TO MAKE A FAST DECISION WHEN A SOFTWARE PROBLEM RESULTED IN BOTCHED FUND PRICES LAST FRIDAY SHORTLY BEFORE THE COMPANY WAS DUE TO REPORT THE DAY'S DATA TO THE NEWSPAPERS (4T0C020D)
IF FIDELITY HAD PROVIDED NO PRICES FOR MOST OF ITS FUNDS THE COMPANY WOULD HAVE APPEARED TO BE HAVING A PROBLEM THAT WASN'T SHARED BY OTHER FUND COMPANIES WHICH OF COURSE WAS TRUE (4T0C020E)
MOREOVER INVESTORS WHO COMPARE FUND PRICES AND PERFORMANCE BY USING WEEKEND NEWSPAPERS WOULD HAVE HAD LITTLE DATA ON FIDELITY FUNDS PERHAPS COSTING FIDELITY SOME NEW INVESTMENT (4T0C020F)
YIELDS ON TAXABLE MONEY MARKET MUTUAL FUNDS ROSE SLIGHTLY IN THE LATEST WEEK WHILE TAX EXEMPT YIELDS DROPPED (4T1C0201)
I. B. C. DONOGHUE'S AVERAGE SEVEN DAY COMPOUND YIELD ON TAXABLE FUNDS ROSE TO THREE POINT SIX SIX PERCENT FROM THREE POINT SIX FOUR PERCENT IN THE WEEK ENDED TUESDAY ACCORDING TO MONEY FUND REPORT AN ASHLAND MASSACHUSETTS NEWSLETTER (4T1C0202)
COMPOUND YIELDS ASSUME REINVESTMENT OF DIVIDENDS (4T1C0203)
THE AVERAGE SEVEN DAY COMPOUND YIELD ON TAX FREE MONEY FUNDS FELL TO TWO POINT ZERO THREE PERCENT FROM TWO POINT TWO ONE PERCENT THE NEWSLETTER SAID (4T1C0204)
THE LATEST YIELD IS EQUIVALENT TO A TAXABLE THREE POINT ONE SEVEN PERCENT FOR { @ / AN } INVESTOR IN THE THIRTY SIX PERCENT TAX BRACKET AND TO THREE POINT THREE SIX PERCENT FOR SOMEONE PAYING THIRTY NINE POINT SIX PERCENT IN TAXES (4T1C0205)
TAX EXEMPT YIELDS TYPICALLY DROP AT THIS TIME OF YEAR BECAUSE OF A REDUCED SUPPLY OF SECURITIES AS MANY MUNICIPALITIES REACH THE JUNE THIRTY END OF THEIR FISCAL YEAR SAID WALTER FRANK CHIEF ECONOMIST OF THE MONEY FUND REPORT (4T1C0206)
TAXABLE YIELDS MEANWHILE HAVE BEEN RISING STEADILY FOR SEVERAL MONTHS IN RESPONSE TO INCREASES IN SHORT TERM INTEREST RATES (4T1C0207)
MONEY FUND REPORT SAYS THE AVERAGE SEVEN DAY SIMPLE YIELD ON TAXABLE FUNDS ROSE TO THREE POINT FIVE NINE PERCENT FROM THREE POINT FIVE SEVEN PERCENT IN THE LATEST WEEK WHILE THE AVERAGE THIRTY DAY SIMPLE YIELD INCREASED TO THREE POINT FIVE THREE PERCENT FROM THREE POINT FOUR SIX PERCENT AND THE AVERAGE THIRTY DAY COMPOUND YIELD WENT TO THREE POINT FIVE NINE PERCENT FROM THREE POINT FIVE TWO PERCENT (4T1C0208)
ALTHOUGH ASSETS OF THE TAXABLE FUNDS TRACKED BY MONEY FUND REPORT REMAINED STABLE AT ABOUT FOUR HUNDRED SEVENTY TWO POINT SIX SEVEN BILLION DOLLARS TWELVE FUNDS THAT JUST BEGAN REPORTING TO THE NEWSLETTER ADDED THREE POINT SEVEN FIVE BILLION DOLLARS TO ASSETS OFFSETTING WITHDRAWALS FROM THE SIX HUNDRED SIXTY FUNDS THAT WERE ALREADY INCLUDED (4T1C0209)
INDIVIDUAL INVESTORS WITHDREW JUST OVER TWO BILLION DOLLARS FROM THE FOUR HUNDRED FIFTY TWO FUNDS AND INSTITUTIONAL INVESTORS PULLED ABOUT ONE POINT SEVEN BILLION DOLLARS FROM TWO HUNDRED EIGHT FUNDS ACCORDING TO THE NEWSLETTER'S DATA (4T1C020A)
ASSETS OF TAX FREE FUNDS DECLINED BY NINE HUNDRED FORTY FIVE POINT SIX MILLION DOLLARS TO ONE HUNDRED THIRTEEN POINT NINE ONE BILLION DOLLARS MONEY FUNDS REPORT SAID (4T1C020B)
HOWEVER FOUR NEW FUNDS ADDED ABOUT THREE HUNDRED SEVENTY ONE MILLION DOLLARS TO ASSETS INDICATING THAT INVESTORS IN THREE HUNDRED FIFTY ONE OTHER TAX FREE FUNDS ACTUALLY WITHDREW ABOUT ONE POINT THREE BILLION DOLLARS (4T1C020C)
AVERAGE MATURITY OF THE TAXABLE FUNDS' INVESTMENTS WHICH INCLUDE TREASURY BILLS OTHER GOVERNMENT SECURITIES AND COMMERCIAL PAPER SHORT TERM CORPORATE I. O. U.S REMAINED AT FORTY FIVE DAYS (4T1C020D)
AVERAGE MATURITY OF THE TAX EXEMPT PORTFOLIOS PRIMARILY SHORT TERM MUNICIPAL SECURITIES LENGTHENED BY TWO DAYS TO FORTY FOUR DAYS (4T1C020E)
TODAY'S PET PEEVE WHY DO CERTAIN PEOPLE INSIST ON VACATIONING IN THE SOUTH OF FRANCE (4T1C020F)
DAVID BROOKS COULDN'T RESIST THAT EFFETE PHRASE IN HIS JUNE FIFTEENTH EDITORIAL PIECE I GET NO KICKS ON THIS GAME (4T1C020G)
WHAT'S WRONG WITH SIMPLY SOUTHERN FRANCE (4T1C020H)
COULD ONE VACATION IN THE SOUTH OF NEW JERSEY (4T1C020I)
I THINK NOT (4T1C020J)
SO TOO WITH FRANCE (4T1C020K)
THE PRACTICE IS ALMOST AS ANNOYING AS GIVING ONESELF THREE PUBLIC NAMES SUCH AS THE ARCHITECT FRANK WRIGHT OR FIRST LADY HILLARY CLINTON BUT THAT'S A PEEVE FOR ANOTHER DAY (4T1C020L)
COTT CORPORATION THE CANADIAN BOTTLER OF PRIVATE LABEL SOFT DRINKS THAT HAS MESMERIZED THE STOCK MARKET WITH ITS MARKETING GAINS IN RECENT YEARS NOW HAS THE SHORT SELLERS ON ITS TAIL (4T2C0201)
ITS SHARES FELL FOUR POINT EIGHT SEVEN FIVE DOLLARS CANADIAN ON WEDNESDAY TO TWENTY POINT ONE TWO FIVE DOLLARS ON THE TORONTO STOCK EXCHANGE A DECLINE OF TWENTY PERCENT (4T2C0202)
EARLY LAST WEEK THE STOCK WAS TRADING ABOVE THIRTY DOLLARS (4T2C0203)
THE COMPANY'S STOCK ALSO PLUMMETED WEDNESDAY IN { @ / THE } UNITED STATES FALLING THREE POINT FIVE DOLLARS UNITED STATES TO FOURTEEN POINT FIVE DOLLARS IN NASDAQ TRADING (4T2C0204)
MANY ANALYSTS ARE SAYING THAT COTT WHILE STILL EXPANDING RAPIDLY WILL FALL SHORT OF ITS PROJECTED GROWTH RATE BECAUSE OF INCREASINGLY AGGRESSIVE PRICE CUTTING BY ITS TWO LARGEST AMERICAN RIVALS COCA COLA AND PEPSI COLA (4T2C0205)
COTT HAS ALSO BEEN DOGGED BY ALLEGATIONS THAT IT HAS INFLATED ITS DECLARED PROFITS BY USING UNORTHODOX ACCOUNTING PRACTICES AND THAT IT IS RUNNING OUT OF CASH (4T2C0206)
THE COMPANY REJECTS THE CHARGES AS DELIBERATE MISINFORMATION PUT OUT BY SHORT SELLERS SPECULATORS WHO SELL BORROWED SHARES HOPING THE MARKET PRICE WILL FALL BEFORE THEY HAVE TO REPAY THE SHARES' ORIGINAL OWNERS (4T2C0207)
COTT HAS EVEN TAKEN SOME OF ITS DETRACTORS TO COURT (4T2C0208)
A MEMORANDUM FROM A TORONTO RESEARCH FIRM EQUITY RESEARCH ASSOCIATES INCORPORATED QUESTIONING THE HEALTH OF COTT'S CASH FLOW PROMPTED A SUIT BY COTT EARLIER THIS YEAR SEEKING FOURTEEN MILLION DOLLARS CANADIAN IN DAMAGES (4T2C0209)
IN ADDITION QUESTIONS HAVE BEEN RAISED BY COTT'S FAILURE SO FAR TO ISSUE ITS ANNUAL REPORT FOR THE FISCAL YEAR THAT ENDED JANUARY TWENTY NINTH NINETEEN NINETY FOUR (4T2C020A)
THE REPORT MUST INCLUDE FULL FINANCIAL STATEMENTS AND THE ASSURANCE OF ITS OUTSIDE AUDITORS COOPERS AND LYBRAND THAT THE STATEMENTS CONFORM TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (4T2C020B)
COTT INVITED SOME CANADIAN AND AMERICAN ANALYSTS TO ITS TORONTO HEADQUARTERS WEDNESDAY TO TALK ABOUT THE COMPANY'S PROSPECTS (4T2C020C)
A UNIVERSITY OF CHICAGO PROFESSOR ROMAN WEIL WAS BROUGHT IN TO HELP FIELD QUESTIONS ON THE ACCOUNTING MATTERS (4T2C020D)
THE HOST AT THE MEETING WHICH WAS CLOSED TO THE PRESS WAS THE COMPANY'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER GERALD PENCER FORTY NINE AN ENTREPRENEUR WHOSE LAST BIG VENTURE FINANCIAL TRUSTCO CAPITAL LIMITED WAS ONE OF THE LARGER CANADIAN BUSINESS FAILURE COLLAPSES OF THE LAST DECADE (4T2C020E)
ACCORDING TO JACQUES KAVAFIAN AN ANALYST AT LEVESQUE BEAUBIEN GEOFFRION INCORPORATED A MONTREAL BROKERAGE HOUSE REPRESENTED AT THE MEETING PENCER AND OTHER SENIOR EXECUTIVES { ACKNOWLEDGED / ACKNOWLEDGE } THAT THE COMPANY'S GROWTH RATE WOULD DROP DRAMATICALLY THIS YEAR (4T2C020F)