Fidelity fund managers sold 1.7 million shares of Facebook in June
Fidelity Contrafund manager Will Danoff was still a believer in Facebook Inc. in June, even after its rocky IPO. His colleague Ramin Arani, not so much. Nineteen Fidelity Investments fund managers sold 1.7 million Facebook shares in June, while 16 funds added 2.8 million more shares to their holdings, according to Morningstar Inc. Fidelity was an early holder of the social networking company’s shares, which went public on May 18. Facebook shares have fallen from their $38 IPO price to $20.88 on Wednesday.