THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, February 10, 1996 TAG: 9602100367
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: Medium: 63 lines
Fidelity Magellan Fund, the world's largest mutual fund, continued to adjust its portfolio late last year, further slicing its once massive holdings of technology stocks to under 10 percent. According to Fidelity Investments' February mutual fund guide, Magellan's technology position was 8.4 percent at the end of December, down from 24.5 percent a month earlier and 43.2 percent in October. Financial stocks replaced technology issues as the fund's largest industry position in December, according to the fund guide. Overall, Fidelity's Magellan fund has dramatically changed its asset allocation. (Dow Jones News) Rite Aid extends offer for Revco to Feb. 23
Rite Aid Corp. Friday further extended its $1.8 billion tender offer for rival drug-store chain Revco D.S. Inc. to Feb. 23. The tender had been set to expire Jan. 31 before it was extended last week to Feb. 15. Rite Aid is offering $27.50 a share for Revco, which is based in Twinsburg, Ohio. Rite Aid said 23.6 million of Revco's shares have been tendered so far. Once 35.1 million shares have been tendered, or about 50.1 percent, each remaining Revco share will be converted into the right to receive Rite Aid common shares or cash. Rite Aid launched the acquisition of Revco in November. (Dow Jones News)
LCI and Bell Atlantic
form NYNEX Mobile
LCI International, the nation's fastest-growing major long-distance carrier, said it has entered into a multiyear contract with Bell Atlantic NYNEX Mobile (BANM), the regional wireless carrier formed through a joint venture between Bell Atlantic Mobile and NYNEX Mobile. The selection of LCI by BANM will allow the regional cellular carrier to offer long-distance service, on a resale basis, to a service area reaching from Maine to the Carolinas. LCI has more than 60 million circuit miles of digital fiber-optic facilities, and carried more than 4.9 billion minutes over its network in 1995. BANM currently has more than 3 million customers, in a service area that covers a population of 55 million people. (Staff)
Japan refuses to change
tune on music copyright
``All You Need Is Love'' and 490 yen - $4.60 - to buy a CD of that and other old Beatles tunes. Officially licensed Beatles records sell for 3,000 yen - $28. But the ones sold in the subway aren't pirated. They're perfectly legal in Japan, where copyright protection is only 25 years. The law has come under fire from the United States, which says it is depriving American recording companies of hundreds of millions of dollars in fees. On Friday, the United States filed a complaint with the World Trade Organization, demanding that Japan honor copyrights for 50 years. Under a World Trade Organization agreement effective Jan. 1, developed countries must protect the rights of recording artists for that period. (AP) by CNB