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

To: ms.smartest.person who wrote (956)	4/3/2001 4:29:53 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

DJ NewsWire Stories MARKET TALK/HK: Hedgers Need To Sell 50% PCCW Portfolio 13:37, 2001-04-03 1220 [Dow Jones] ABN AMRO estimates hedge funds buying PCCW's (0008) exchangeable bonds would need to sell about 50% of their portfolio to hedge positions; and as price moves up they will need to sell more to maintain hedge and buy as share price goes down. Stock down 9.8% at $2.775 on hefty volume worth $580.4 million (17% of total market turnover worth $3.40 billion).(STT) Copyright c 1999-2000 Dow Jones Inc. All rights reserved. DJ MARKET TALK/HK:C&W May Reduce Stk Loan To Bond Buyers 13:39, 2001-04-03 1211 [Dow Jones] Amid general shortage in stock loan on Pacific Century CyberWorks (0008) (which may be restraining demand for exchangeable bonds), derivative traders believe C&W PLC may be holding back its inventory to be lent out, exclusively through bond arranger, to only exchangeable buyers (likely hedge funds/convertible bond traders), thus limiting chance of stock loan going to outright short-sellers and ensuring bond buyers can more easily establish their hedging (or short PCCW shares) positions. PCCW down 9.8% at $2.775.(IVW) Copyright c 1999-2000 Dow Jones Inc. All rights reserved DJ MARKET TALK/SG/KL: PCCW Bond Issue Better For C&W PLC 13:44, 2001-04-03 1225 [Dow Jones] C&W PLC's US$1.5 billion exchangeable bond offer shows British telco in hurry to cash in residual 14.7% stake as Pacific Century CyberWorks earnings growth likely sluggish, say traders. From C&W's perspective, exchangeable bonds provide it with 26-month interest-free loan if PCCW share price remains below HK$3.60 after 26 months; if stock trades above 1.2X strike price at HK$3.60, C&W could reduce stake in PCCW. Traders say both proposals better than keeping highly risky assets (PCCW shares) especially global downturn makes it tough to find strategic investors.(STT) Copyright c 1999-2000 Dow Jones Inc. All rights reserved DJ MARKET TALK/HK: Attention Now On PCCW's Fundamentals 13:45, 2001-04-03 1227 [Dow Jones] Analysts say with C&W PLC's sale of its PCCW (0008) stake out of the way, attention now turning to PCCW's fundamentals, with many investors concerned about its future expansion plans (if any) as well as its struggling multimedia satellite unit NOW with its high cash-burn rate. ABN AMRO analyst Jahanzeb Naseer says although company capable of funding principal repayments when they're due in FY04, there will be almost no cash flow accruing to equity holders.(STT) Copyright c 1999-2000 Dow Jones Inc. All rights reserved.