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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (20)	1/11/2001 11:38:57 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

MARKET TALK-AU-EQ: All Ords Early Afternoon Thursday, January 11 9:32 AM SGT [Contact Us: Sydney 61-2-8235-2950; djnews.sydney@dowjones.com] 1228 [Dow Jones] All Ords registers new lows for the day in early afternoon, dropping 13.3 points to 3171.2 as weakness in transport and telecoms leads market lower. Transport falls 1.5% on sharp rise in oil price overnight and likely cuts to oil supply. Telecoms suffer, with Telstra (TLS) losing 1.2% and Optus (CWO) easing 2.1%, as investors fail to be stimulated by Telstra CEO Switkowski speech and Optus suffers from growing opinion that bidding war for assets becoming less likely as strong interest shown by few companies. Banks and financials continue to be hit by profit-taking as investors see recent high levels as unsustainable in short term. Resources down again, led by MIM (MIM) losing 5.8% as it flags a poor 1H result and investors continue to anticipate similar warnings from other resource companies. (GXT) 1226 [Dow Jones] Aristocrat (ALL) says Nevada field trial of its first game likely in February; authorities will then consider approval ruling for key U.S. market, from which local gaming machine group has previously been excluded; company hopes for state approval in 1H 01; site for trial of Penguin Pays game will be Sunset Station Hotel & Casino in city of Henderson. Stock down 1.4% or 8 cents to A$5.70. (IGP) 1219 [Dow Jones] Shell Chairman of Woodside (WPL) bid vehicle Raoul Restucci in Sydney meeting with institutional shareholders pressing merits of Shell bid; expected to hammer message of growth potential of Shell-controlled Woodside through focus on maximizing development of Australian gas resources; that contrasts with independent strategy advocated by Woodside Managing Director John Akehurst; focus on government approval of bid, with Foreign Investment Review Board due to make response to Shell submission next week; board can take more time to assess bid. (AND) 1218 [Dow Jones] Fantastic Furniture (FAN) shares up 3.9% or 4.3 cents at A$1.15 after saying December half sales jumped 29%, result much better than retailers such as Coles Myer (CML) and David Jones (DJS), which found Christmas a challenging period; sales rose to A$41.9 mln and like-for-like rose 17% on year. (IGP) 1204 [Dow Jones] Stronger-than-expected December jobs data show labor market still easing but not falling in hole as suggested by October and November surveys, says National Australia Bank treasury economist David Landsley; says figure does nothing to change outlook on rates, still expecting cut in February or March. (BWS) 1203 [Dow Jones] Wall Street traders optimistic on Nasdaq fortunes this year, with Security Traders Association poll showing 51.6% surveyed expect 2001 finish within 3000-4000 range. Close yesterday 2524. Fed rate action expected to drive stock movement, and though huge 1H headway unlikely, a combination of lower taxes and rate easings "could give us a fairly decent market later on in the year," says STA president Lee Korins. (WJK) 1201 [Dow Jones] Coca-Cola Co. CFO Gary Fayard is in Sydney, which suggests a resumption of talks for joint purchase with San Miguel of Coca-Cola Amatil's (CCL) Philippines operations. Amatil only reiterating comment from December that talks set to continue in January. Australian Financial Review's Chanticleer column today suggesting price negotiations over Philippines should bolster Amatil's EPS and share price. Stock now up 10 cents at A$4.95. (HGU) 1200 [Dow Jones] RBA should cut rates 25 bps after Feb. 6 meeting and by total of 75 bps in 1H 01 as December jobs numbers show wage pressure unlikely to be threat to inflation, says CSFB fixed-income analyst Warren Hogan; adds that now expects soft 4Q GDP number "close to flat". (CMR) 1159 [Dow Jones] Open Telecommunications (OTT) rises 3.6% or 4 cents to A$1.16 after announcing contract with Pacific Century CyberWorks; will supply and integrate wireless telecoms intelligent network solution and is first major contract in Hong Kong since opening office in November. Says contract has multi-million dollar value but nothing more specific in statement. OTT had hugely successful late 1999 float, reaching upwards of A$4 a share, but hit hard by Nasdaq/telcoms slump last year. (IGP) 1153 [Dow Jones] Australian jobs market shrank by 8,000 jobs a month in the 4Q - a sharp weakening from 23,000-a-month 3Q increase, says Commonwealth Bank chief research economist Michael Blythe. "If you've decided you need to cut rates these rates won't stop you," he says. (ILM) 1152 [Dow Jones] Not surprising AUD/USD failed to rise on stronger December jobs data given negative figures in two previous surveys, says ANZ Investment Bank chief dealer Paul McNee; says series of strong data needed to turn around negative sentiment. (BWS) 1145 [Dow Jones] STOCK CALL: BNP Paribas Equities says in daily market note it expects banking, technology and oil shares to rise during the day; has outperform/buy recommendations on ANZ (ANZ), Westpac (WBC), Open Tel (OTT), Davnet (DVT), Powertel (PWT) and Santos (STO); says gold stocks could come under pressure. (IGP) 1141 [Dow Jones] Only partial wind-back in December of big employment fall in November "confirms the Australian economy is starting 2001 in a much weaker state than the Reserve Bank previously anticipated," says SG Australia chief economist Glenn Maguire. "We think the Reserve Bank will reduce rates in February." (ILM) 1136 [Dow Jones] AUD/USD falls to 0.5532 following release of stronger-than-expected employment data. Figures temper expected size of cut in official interest rates predicted in February. Pair had fallen from 0.5543 just prior to release of data at 0030 GMT. (BWS) asia.biz.yahoo.com