MARKET TALK-SG-KL: Telstra May Be Eyeing M1
0810 [Dow Jones] Telstra named as contender for Cable & Wireless PLC's 15% stake in Singapore's M1, Australian Financial Review reports, quoting sources; A$500 million stake viewed key to Telstra's Asia strategy. Earlier reports said France Telecom unit Orange in talks to buy C&W's M1 stake and 15% held by Telstra's JV partner PCCW via C&W HKT. Some analysts say PCCW likely keen to retain M1 stake, which it plans to inject into Telstra JV, so would make sense for Telstra to buy C&W PLC's stake. Telstra declines comment.(RXM)
0808 [Dow Jones] SINGAPORE SHARES OVERNIGHT: Shares closed mixed on Nasdaq. Chartered Semiconductor (C27) ADRs fell 1.2% to US$29.94; ST Assembly (S24) ADRs down 3.5% at US$12.50. However, Creative Technology (C76) shares rose 0.6% to US$11.38.(CWS)
0806 [Dow Jones] WALL STREET: Nasdaq staged broad 4.6% gain, first time it has risen for 3 straight sessions since Sept. 1, 2000; uptick came despite relatively disappointing profit news from high-tech companies. Difference this time is while investors punished individual stocks like Yahoo! on earnings shortfalls, they left rest of sector alone, allowing chip and computer makers to rise. Again, DJIA couldn't match Nasdaq, up mere 0.05% as investors liquidated some holdings to switch to tech. Motorola added 4% on its 4Q results that met forecasts, with Nokia and Nortel also higher. A mixed tale after-hours: computer maker Gateway shed 8% after falling well below analyst expectations on 4Q results, while Hewlett-Packard lost 4.2% on 1Q earnings warning; but Ariba beat forecasts on 1Q results.(RXM)
0804 [Dow Jones] MALAYSIA OUTLOOK: 1000 Prime Minister Mahathir delivers keynote address at civil service function;
1000 Dialog Group (7277) EGM;
1000 Minister of International Trade and Industry Rafidah Aziz meets with visiting French senators;
1000 Energy, Communications and Multimedia Minister Leo Moggie launches myvirtualexpo.com.my;
1030 Marconi Mobile Group announces acquisition of Telit Networks SPA and agreements with LG Electronics in 3G mobile;
1100 Bank Negara and Malaysian Institute of Insurance news conference on international insurance conference;
1430 Lecture on "The Biotech Revolution" by Juan Enriquez of David Rockefeller Center;
1530 UMNO Supreme Council meeting. Mahathir may announce details of Cabinet reshuffle at news conference after meeting.(NIM)
0800 [Dow Jones] SINGAPORE OUTLOOK: 0900 Jurong Port announces corporatization;
0900 CapitaLand (C31) ties up with quantity surveying cost consultant Davis Langdon & Seah group to launch icFoc, Internet hub for global building and construction industry;
1230 Parliament sits.(AXH)
[Questions and comments please to Abdul Hadhi at (65) 421-4493 or abdul.hadhi@dowjones.com]
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