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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: steve kammerer who wrote (22419)	7/20/2001 12:49:26 AM
From: Steve Fancy	Respond to of 22640

UPDATE 2-Telemar president to exit, market awaits details Reuters, 07/20/2001 00:33 (Recasts with company statement, background) SAO PAULO, July 19 (Reuters) - Telemar (SAO:TNLP4) (NYSE:TNE), Brazil's biggest fixed-line phone operator, said on Thursday it's president was leaving the company, but conflicting signals left market players clamouring for more information. A couple of hours after the market close, a company spokesman said Manoel Horacio da Silva had been sacked and the reason and name of his replacement would be given on Friday. The spokesman declined giving further details. Horacio da Silva could not be reached for comment. But a Telemar statement, released late at night, said Horacio da Silva had agreed to leave, now that a restructure was over, to give the firm time to gear up for the deregulation of the Brazilian telecommunication market in 2002. "The new phase of competition in the Brazilian telephone market, which will be completely deregulated next year, was a determining factor in establishing another profile of operation for the company," it said. It added that "change was anticipated at the request of Manoel Horacio, with the objective of easing the preparation of a new executive for the start of the new phase of competition." The statement said the controlling shareholders and Horacio da Silva, who took the helm in February 1999, had not yet decided who would be the next company president. Telemar announced plans last month for its Rio de Janeiro-based subsidiary Telerj (SAO:TERJ4) to incorporate 15 of the parent company's other regional telephone operating units. The company has said the restructure of the 16 units under one roof could bring annual cost savings of between $17 million and $30 million. MORE DETAILS NEEDED BES Securities telecommunications analyst Carolina Gava said talk that Horacio da Silva was on the way out had begun to circulate in the market after the close, but more information was needed to determine the impact. "Depending on his replacement, this could be neutral or even negative for the shares of the company," she said in a research note prepared for release on Friday. "Manoel Horacio has done a good job up to now." One local telecommunications media site, Telecom.online, said vice president Jose Fernandes Pauletti would take the helm temporarily. Nobody at Telemar could be reached to comment on that report. News of Horacio da Silva's exit came after the market close. Telemar stock, the heaviest-weighted on Brazil's benchmark Bovespa (INDEX:$BVSP.X) stock index, lost 1.6 percent to 33.19 reais on Thursday. The index ended 0.2 percent weaker. Horacio da Silva has in the past held senior jobs at world No.1 iron ore producer Cia Vale do Rio Doce (CVRD) (SAO:VALE5) and major Brazilian steelmaker Companhia Siderurgica Nacional (CSN) (SAO:CSNA3) (NYSE:SID). He had been mentioned in local media as a possible chief of CVRD, before the head of the mining company's board, Roger Agnelli, took the top job last Thursday. saopaulo.newsroom@reuters.com)) Copyright 2001, Reuters News Service

To: steve kammerer who wrote (22419)	7/20/2001 1:05:50 AM
From: Steve Fancy	Respond to of 22640

Hello Steve, Sorry to hear about Amgen, hope it turns around for you. I have been trading, and very slowly stepping into long call positions in 2003 and 2004 leaps on what I believe are techs sure to rebound nicely over the next year or two. There has been a few opportunities like this before and I have always kicked myself for not doing this. From the trading standpoint I have learned a lot from Michail, especially regarding shorting. I like the concept of managing my account like a hedge fund with a mix of value longs and overextended, overvalued shorts. If you are interested in following along... Subject 51138 ...I've been following along for about six weeks now and have made some decent cash, mostly on his short picks. He posts his picks real time and posts daily recaps of his trading and portfolio standings. Nothing left to the imagination. Have learned a lot about shorting and am so impressed I am going to sign up for the two-month trial of his pay site for $75.00. Assuming things continue as they have, I wil likely become a permanent subscriber. As you might guess:~), other than Bernie Shaffers newsletter I have never paid for investment advice. As for the stocks you still hold, I like many of them, problem is I do not see what will prevent US markets from retesting lows soon and would assume if they do Brazilian stocks will go down further. If you have the patience to stay with them, I would think most would pay off handsomely over the next year or so, but I got tired of watching these things drag my account down. I still hold a few shares of EMT (only because I thought it wouldn't take out it's all time low which it has) and miniscule amounts of some of the babies, but with my general concerns and the political situation in Brazil and threat from Argentina, I may sell them and buy back in after the dust starts to settle in late fall. I will trade TNE and a cellular or two periodically in the meantime. That's just my opinion and I hate to influence anyone these days as the minute I do, things go in the opposite direction. Stocks are pretty beaten down...perhaps the Argentina thing gets resolved and these stocks rally regardless of the US. What do you think? Great hearing from you Steve! Best regards, Steve

To: steve kammerer who wrote (22419)	7/20/2001 12:33:36 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil/Telemar CEO -2: Departure As Bad Debts Spike Dow Jones Online News, 07/20/2001 07:57 SAO PAULO -(Dow Jones)- Brazil's Tele Norte Leste Participacoes SA (TNE) Friday named Vice President Jose Fernandes Pauletti interim chief executive. Telemar, as Brazil's biggest phone company is known, said operations head Pauletti will replace outgoing Chief Executive Manoel Horacio Francisco da Silva on July 31. Market players said Horacio was forced out by shareholders disappointed with Telemar's financial performance. To expand nationwide or start offering wireless services in January, Telemar has been racing to meet the government's 2003 network expansion targets for regional fixed-line carriers ahead of schedule, by the end of 2001. But the expansion drive that has boosted the company's number of installed lines to 15.9 million has had nasty consequences. Telemar said its bad debt levels hit 4.6% of gross revenues for the second quarter, higher than the 4.3% expected and up from 1.8% a year ago. In the first half of the year, the carrier had net revenue of 4.744 billion reals ($1=BRR2.50), compared with BRR3.8 billion a year ago. Capital expenditures were BRR4.1 billion in the first half, compared with BRR736 million a year earlier. The company's headcount increased by 3,500 employees to 21,795 during the quarter in order to meet the targets. -Terry Wade, Dow Jones Newswires; 5511.3145.1479; terry.wade@dowjones.com (This story was originally published by Dow Jones Newswires) Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved