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Rating:Odd Lots, January 14, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, January 14, 2000

Odd Lots, January 14, 2000

Reported by Hayley Green

Putnam to retire from Putnam
From The Wall Street Journal
The chairman and president of Putnam Funds, George Putnam, is planning to retire in June, according to a filing with the SEC on Thursday, Federal Filings Business News reported. In a letter to shareholders dated Jan. 19, Putnam said John Hill, now an independent trustee, will become chairman. Putnam's son, George Putnam III, will become president. Richard Wyke will become portfolio manager of the Putnam Florida Tax Exempt Fund and Susan McCormack will become portfolio manager of the Putnam Ohio Tax Exempt Income Fund.

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The Boston Herald
    S&P 500 holds lots of tech
    From The Wall Street Journal
    If you own funds tracking the Standard & Poor's 500-stock index you surely own a lot of tech stocks. Technology stocks now make up a record 30% of the S&P 500, up from about 13% just three years ago, while the trailing price-to-earnings ratio of the index has risen to 33.4 -- tying a record set at the end of 1998 -- from 19.1, according to Standard & Poor's. The main drive for the changes in the index has been the rally in large technology stocks such as Microsoft and Intel these past few years. The worry among analysts is that investors, instead of buying index funds for the usual reasons, have simply been seeking performance.

    Schwab buys into high-end market
    From The Wall Street Journal
    As reported yesterday on the MFWire.com, Schwab announced that it would be reaching out to high-end clients by buying US Trust in a stock swap valued at about $2.9 billion. The deal brings Schwab, which is known for specializing in discount brokerage, mutual fund sales and online trading, a step closer to offering a full-service menu of offerings for individual investors. However, the San Francisco-based firm still lacks investment banking capability. This deal will add limited research capability. By acquiring US Trust, which average account runs about $7 million, Schwab is now able to provide an array of higher-end investor services, including tax planning and estate planning, so that existing customers no longer need to go elsewhere.

    Related Stories:
    The New York Times
    The Boston Globe
    The Los Angeles Times
    The New York Post
    TheStreet.com
       

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