Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.545

+1.8%

Jan 9 3:59 PM EST

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To: David R. Doerr who wrote (281)	10/16/1997 8:39:00 AM
From: chirodoc	of 22640

ADR REPORT - Telebras shines in down market By Ian Simpson NEW YORK, Oct 15 (Reuters) - Brazilian telephone holding Telebras SA (TEL_P.SA) rose Wednesday, bucking an overall weak market in American Depositary Receipts (ADRs) and foreign shares. Traders said ADRs, like the rest of the New York markets, were down after software giant Intel Corp (INTC) reported third-quarter results below Wall Street expectations. Stronger-than-expected U.S. retail sales for September also hit the markets because they raised the prospect of higher interest rates. ''Everything looked a little soft this morning, and that follows having Intel report last night and the retail sales numbers this morning,'' a trader said. Telebras rose one to 147-1/16. Volume was moderate, with the ADRs among the most active on the New York Stock Exchange. ''Telebras is holding up extremely, extremely well in the face of a Dow (industrial average) that is actually down,'' a dealer said. Traders said Telebras was being helped by the prospect of the Brazil's communications minister giving more details Monday about its privatization. The government has said it would be sold by mid-1998. Telebras also was boosted by commitments from President Bill Clinton and his Brazilian counterpart, Fernando Henrique Cardoso, to press ahead on a free-trade zone for the hemisphere. Clinton is on a weeklong tour of South America. .........also recent article in forbes mentions that likely devaluation in telebras will occur AFTER cardoso is re-elected........if all hell breaks loose now...he's out......question is can they massage the economy enought for one year to hold off......this article says he can hold things together till 1998......

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