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March 01, 2000|Bridge News, Bloomberg News

Putnam Investments said Tuesday that it will close its month-old New Century Growth Fund to new investors March 10 as assets approach $1 billion. The aggressive-growth fund invests in companies with particular emphasis on "new economy" sectors such as technology. . . . Trying to grab a bigger share of the money flowing to hot fund sectors, Federated Investors said it has waived the 5.5% upfront sales charge it assesses on shares of four of its equity mutual funds, Bridge News reported. Through March 31, Federated will allow investors to purchase Class A shares of Aggressive Growth, Communications Technology, Large Cap Growth and International Small Company funds at the net asset values. The Pittsburgh-based company will apply a 2% contingent deferred sales charge on shares sold within 30 months of purchase, however. . . . Shares of Circuit City Stores-Circuit City Group (CC) rose 13% after an analyst said sales of new devices could offset reduced consumer spending if interest rates rise further. Shares of the No. 2 U.S. consumer electronics store climbed $4.63 to $40.44 on the New York Stock Exchange. Goldman Sachs & Co. analyst Matthew Fassler put Circuit City on the firm's "recommended list," saying the stock stands to benefit from sales of products with advanced technology such as DVD players and Internet-related devices. The shares had fallen 21% this year before Tuesday, making their price attractive, Fassler wrote in a research note.

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