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Technology Stocks : Check Point Software (CHKP)

CHKP 204.33

+1.1%

Nov 11 3:59 PM EST

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To: blankmind who wrote (2352)	5/4/1998 9:39:00 PM
From: P.M.Freedman	Read Replies (1) of 7150

05/04 15:31 ADR REPORT - Emerging markets highlights - May 4 ISRAEL'S CHECK POINT REBOUNDS FROM FRIDAY LOW NEW YORK, May 4 (Reuters) - Israeli software company Check Point Software Technologies Ltd. <CHKPF.O> enjoyed a strong rebound in afternoon trading as momentum selling appeared to lose its steam. Its American Depositary Receipt (ADR) was trading at 32-7/16, up from a close of 28-7/16 on Friday on the Nasdaq market. Dealers, who had blamed the ADR's drop last week on momentum selling, had predicted a recovery, saying 27 was a good level to buy it back. The selling began after Check Point released its quarterly earnings the previous week. A senior company executive later blamed a "herd mentality" for what she described as unwarranted fears about revenues and competition from software giant Microsoft Corp <MSFT.O>. Late in the session, Check Point had the biggest volume among ADRs. Trading in companies from emerging markets was otherwise quiet. Brazilian telecommunications giant Telebras SA <TEL_p.SA> <TBR.N> was trading lower after a wider than expected deficit for the country's public sector was reported. Telebras, considered a bellwether stock for the region, was down 7/8 at 121-1/2 on the New York Stock Exchange in moderate trading. Brazil's nominal public sector deficit, a key indicator of the country's fiscal health, climbed to 6.53 percent of gross domestic product in the year to February, surprising economists. Here are some highlight in emerging ADR trading: * * * ISRAEL - PaineWebber raised its rating on Check Point to buy from attractive without elaborating. * * * VENEZUELA - Deutsche Morgan Grenfell maintained it buy rating for telecommunication company CANTV <TDVd.CR> <VNT.N> despite disappointing first-quarter results. Its ADR was down one at 32. * * * MEXICO - Robert Fleming Inc cut its recommendation to hold from long-term buy on Grupo Casa Autrey SA <ATY.N> <ATY.MX> after the drug company reported poor earnings for the first quarter.

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