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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1532)7/3/2001 11:48:02 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW Bounces 7.8% on Hopes for Pickup Amid B2C Restructuring
Jul 04, 2001 - 10:50:19 HKT
Quamnet News Service
Pacific Century CyberWorks (0008), Richard Li's Asian communications vehicle, rose as much as 8.9 percent amid hopes that its B2C restructuring plans will improve the company's financial position.

At 10:37 a.m. local time, its shares were up 7.8 percent at HK$2.425, the highest since its June 19 closing price. Turnover was HK$175.26 million, nearly 60 percent more than Hutchison Whampoa (0013), the second-most active issue.

PCCW confirmed this morning that it will cut 340 staff of its Internet services units.

"People expect PCCW to pick up with its upcoming B2C restructuring plan," said Kenny Tang, associate director of Tung Tai Securities Ltd. "The number of staff it cut this time is above market expectations and people hoped that it may help it save more costs. The stock has been quiet for some time and so it took the opportunity to bounce."

Still, the stock should come under pressure at HK$2.50 and the upsurge may last for only a day or two, he added.

PCCW will meet financial analysts and reporters at 5:00 p.m. local time today to discuss its Internet services strategy, including the restructuring of its business-to-consumer Internet operations.
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