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

To: Steve Fancy who wrote (1248)	3/19/1998 3:00:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Portugal Telecom (NYSE:PT) details Telebras stake buy Reuters, Thursday, March 19, 1998 at 14:52 NEW YORK, March 19 (Reuters) - State-controlled Portugal Telecom (LIS:PTCO) on Thursday said it has spent about 87.8 million reais to acquire ordinary shares in Brazil's Telebras SA (SAO:TEL_.P) and in Sao Paulo company Telecomunicacoes de S. Paolo SA, (SAO:TLS) or Telesp. PT said the amount it invested is equivalent to the amount invested by Telebras in Portughal Telecom -- directly and through their Alianca Atlantica joint venture -- during the third segment of Portugal Telecom's privatization. Portugal Telecom, privatized in June 1995, is the nation's principal telecommunications provider. Earlier it had announced in Lisbon that it had acquireed Telebras and Telesp stakes without providing details. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (1248)	3/20/1998 1:26:00 PM
From: Doug Chin	Respond to of 22640

Question to TBR option traders-Regarding open interest in July calls I haven't been following TBR for long, so perhaps Steve, or any one else trading options in TBR could shed some light... I noticed that the open interest in the July 135 & 150 calls seems to be extremely large. Much larger than any other positions expiry strike open int. (approx.) July 135 28,200 July 150 27,600 Given that each contract is 100/sh these two positions combined make up about almost 5.6M shares and if you wanted to excersise these you would need $800M. Of course you don't need to excercise them....Are open interest positions in TBR like these normal?