SECURITIES

Fidelity Denies Vinik Under Pressure to Resign: Fidelity Investments denied widespread market rumors that Jeff Vinik is under pressure to resign as manager of the $53-billion Magellan mutual fund. But rumors in the stock market that the giant Boston mutual fund company wanted to force Vinik out of its most prominent fund was cited by some market sources as helping to depress technology stock prices. As the rumors circulated, traders and investors were apparently worried that a change in management would prompt Magellan to dump some of its huge technology holdings. About 40% of the Magellan fund is invested in technology stocks, recent reports indicate. Magellan fund manager Vinik has come under fire for allegedly touting stocks in his portfolio before selling.