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Rating:July 17, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, July 17, 2000

July 17, 2000

Reported by Sean Hanna, Editor in Chief

ING hits tax snag with Aetna
From New York Times
Those who were looking to the announcement of ING buying Aetna's financial services unit (which was expected today following a meeting of Aetna's board on Saturday) may have to put the champagne on ice. The New York Times quotes people "close to the talks" as saying that the deal has hit snags. The biggest issue is avoiding paying taxes on the reputed $7 billion deal. The sources now claim that the deal will not be announced until the middle of next week.

ETrade's purchase
From USA Today
ETrade is purchasing San Francisco-based Electronic Investing. The acquired company enables investors to build portfolios through dollar-amount investments rather than purchasing shares. ETrade will offer the product to financial advisors and its 3 million account holders. No terms of the transaction are known.

Investor led funds
From Wall Street Journal
Fund management continues to become more participatory. Los Altos, California-based Marketocracy Inc. is the latest to let its investors become become portfolio managers. The site will pick the best stockpickers in a contest run on its Web site to act as managers for a fund it will launch. Ken Kam, Marketocracy's chief executive and manager of its Medical Specialists Fund (and cofounder of Firsthand Funds) is quoted as saying: "At the end of three years, we're going to have identified people with the best three-year track records. We'll take the best five in each sector and let them co-manage a fund." Those chosen will even get to take home a paycheck. Other funds taken similar approaches include StockJungle.com and MutualMinds.com.

Cramer's list
From TheStreet.com
Look Out! TheStreet.com's Jim Cramer is gunning to take down the fund industry. To report on fund company's accountability to investors (or the lack thereof) the feist hedge fund manager and columnist has invested $2,500 in 50 different funds. Cramer plans to report on his direct experience as an investor in these funds. The list please:
  • AIM Value
  • Alliance Premier Growth
  • American Century Emerging Markets
  • American Century Ultra
  • Amerindo Tech
  • Bear Stearns S&P
  • Berger Small Company Growth
  • Berkshire Focus
  • Blackrock Global Science and Tech
  • CGM Realty
  • Davis New York Venture
  • Dreyfus Premier Tech Growth
  • Fidelity Aggressive Growth
  • Fidelity Blue Chip Growth
  • Fidelity Select Electronics
  • Fidelity Select Technology
  • First American Technology
  • Gabelli Global Telecom
  • Gabelli Growth
  • Harbor Capital Appreciation
  • Invesco Dynamics
  • Investment Company of America
  • Janus Fund
  • Janus Mercury
  • Janus Special Situations
  • John Hancock Financial
  • Kemper-Dreman High Return Fund
  • Legg Mason Value
  • Liberty-Stein-Roe Young Investors
  • Marsico Focus
  • MFS Midcap Growth
  • Merrill Lynch Global Growth
  • Morgan Stanley American Opportunities
  • Murphy New World Biotech
  • Oakmark Select
  • Olstein Financial Alert
  • PBHG Technology & Communications
  • Pilgrim Growth Opportunities Fund
  • Putnam Voyager
  • Reserve Small Cap Growth:
  • Scudder International
  • Seligman Communications and Information
  • Smith Barney Aggressive Growth
  • Strong Growth Fund
  • T. Rowe Price Science and Tech fund
  • Van Kampen Emerging Growth
  • Vanguard Star
  • Waddell & Reed Science and Tech
  • Warburg Pincus Global Post Venture
  • White Oak Growth Stock

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