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

To: Steve Fancy who wrote (6142)	7/31/1998 12:41:00 AM
From: Jerry A. Laska	Read Replies (1) \| Respond to of 22640

Oracle and Steve, Steve you're correct on Nasdaq stop-loss: "Stop-loss orders: A stop-loss order, as the name suggests, is designed to stop a loss. If you bought a stock and worry about it falling too low, you might place a stop-loss sell order at $20 to sell that stock when the price hits $20. If the next trade after it hits $20 is 19 1/2, then you would sell at 19 1/2. In effect the stop loss sell turns into a market order as soon as the exchange price hits that figure. Note that the NASDAQ does not officially accept stop loss orders since each market maker sets his own prices. Which of the several market makers would get to apply the stop loss? However, many brokers will simulate stop-loss orders on their own internal systems, often in conjunction with their own market makers. Their internal computers follow one or perhaps several market makers and if one of them quotes a bid which trips the simulated stop order, the broker will enter a real order (perhaps with a limit - NASDAQ does recognize limits) with that market maker. Of course by that time the price might have fallen, and if there was a limit it might not get filled. All these simulated stop orders are doing is pretending they are entering real stops (these are not official stop loss orders in the sense that a stock exchange stop order is), and some brokers who work for the firms that offer this service might not even understand the simulation issue." invest-faq.com

To: Steve Fancy who wrote (6142)	7/31/1998 1:06:00 AM
From: Steve Fancy	Respond to of 22640

Brazil's Telebras windfall won't cure economy Reuters, Thursday, July 30, 1998 at 23:53 By William Schomberg RIO DE JANEIRO, July 30 (Reuters) - Brazil's auction of telephone company Telebras (SAO:TELB4)(NYSE:TBR) was a spectacular success, but the $19 billion it raised will not go a long way given the economy's fundamental problems, economists warned on Thursday. "Brazil added to its already growing credibility but this is only part of what we hope is a virtuous circle," said Mauro Schneider, chief economist with ING Barings in Sao Paulo. Brazil's government uses revenues from its privatization program to help finance a deficit in the current account balance of payments, a broad measure of trade in goods and services, which is now running at about 4 percent of gross domestic product (GDP). To cover much of the rest of the shortfall, policy-makers rely on speculative and highly volatile foreign capital, giving them little leeway to make substantial cuts in interest rates of about 20 percent in an almost zero-inflation economy. The dependence on so-called "hot money" leaves the Brazilian economy vulnerable to swings in the mood of investors whose faith in emerging markets has already been tested by Asia's crisis. "We sold the crown jewels with Telebras. There are still some power and gas firms for sale between now and next year but they won't be enough to cover our (financing) needs," said Guilherme Bacha de Almeida, an economist with Banco Pactual. Brazil's current account deficit, in cash terms, is expected to end 1998 at about $33 billion and a further $25 billion will have to be spent on retiring short-term debt this year and a similar amount in 1999, he said. Of the $19 billion from Wednesday's Telebras privatization -- more than $7 billion above the $11.7 billion asking price -- not much more than $4 billion is likely to enter Brazil this year from abroad, Almeida said. Foreign capital is expected to account for about half of the winning bids but investors are only required to pay 40 percent of the asking prices, plus premiums, in a first installment. The rest can be paid over two years. "The money from Telebras should be enough to guarantee the transition phase between now and the start of (President) Fernando Henrique Cardoso's probable second government," said Schneider. "But it does not replace the need for deep reform." Cardoso is seeking re-election in October and is up to 17 points ahead of his nearest rival, according to recent polls. The sale of Telebras was also unlikely to have much effect on a steadily growing budget deficit which is now 6.72 percent of GDP and a major concern of foreign investors. Privatization revenues are not used when calculating the budget deficit and only impact the fiscal accounts when used to reduce Brazil's debt stockpile, currently about $280 billion. Government officials have repeatedly said they would use privatization revenues only to pay off debt. But Cardoso announced shortly after the Telebras auction that some of the $19 billion might be used for other purposes. The government expected $14 billion, so some of the extra might be used to beef up public spending, he told reporters. His comments were not welcomed by Almeida of Banco Pactual. "Every dollar less for reducing the debt stockpile is a bad sign," he said. In the longer term, the sale of Telebras and the expected increase in quality and size of Brazil's telecommunications market should boost the economy as a whole. Tax revenues will rise, helping the budget deficit. But the next Brazilian government has its work cut out, Schneider said. "Our transport infrastructure is bad and so is our power industry. Our labor laws are expensive, we spend too much on social security and our tax system needs an overhaul," he said. "Our fundamental problems remain structural." william.schomberg@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (6142)	7/31/1998 1:21:00 AM
From: Steve Fancy	Respond to of 22640

Closing figures for Telebras Subsidiaries on the Bovespa for: 07/30/1998 Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNB* TEBA6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5 50.30 54.50 50.30 54.50 - 2.48% 14 1,940,000 TELEBAHIA CL PNC* TBAC7 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6 24.00 27.00 24.00 27.00 +12.50% 39 6,870,000 TELEBAHIA CL ON * TBAC3 20.00 20.01 20.00 20.01 +41.91% 2 40,000 TELEBRAS PN * TELB4 139.00 147.50 138.00 144.50 + 5.86% 1774 4,882,500,000 TELEBRAS ON * TELB3 100.00 107.50 100.00 105.50 + 5.50% 477 401,800,000 TELEBRASI CL PNB* TBRC6 90.00 90.00 89.99 89.99 + 5.37% 3 230,000 TELEBRASI CL ON * TBRC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4 214.99 225.00 214.99 225.00 + 0.44% 7 310,000 TELEBRASILIA ON * TBRS3 155.00 155.00 155.00 155.00 - 6.06% 1 100,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG ON * TMGR3 60.00 60.00 46.02 46.02 -23.30% 3 410,000 TELEMIG PNB* TMGR6 75.99 80.00 72.00 74.60 -12.95% 267 152,790,000 TELEMIG CL PNC* TMGC7 50.00 59.00 50.00 54.50 + 9.00% 65 14,600,000 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 27.00 27.00 27.00 27.00 = 0.00% 1 10,000 TELEMIG CL ON * TMGC3 29.60 32.00 29.60 31.11 + 7.27% 13 3,850,000 TELEPAR ON * TEPR3 250.00 272.00 250.00 272.00 + 7.50% 17 849,000 TELEPAR PN * TEPR4 394.00 430.00 394.00 425.00 + 7.86% 41 1,364,000 TELEPAR CL PNB* TPRC6 138.00 154.00 138.00 154.00 +11.58% 112 20,591,000 TELEPAR CL ON * TPRC3 93.00 120.00 93.00 120.00 +29.31% 21 918,000 TELERJ PN * TERJ4 85.00 87.00 75.50 80.00 - 1.59% 548 216,960,000 TELERJ ON * TERJ3 49.99 49.99 48.00 49.00 - 5.76% 16 4,480,000 TELERJ CL ON * TRJC3 44.01 47.60 44.01 47.00 + 5.61% 141 111,040,000 TELERJ CL PNB* TRJC6 71.00 81.50 71.00 75.00 + 7.14% 267 111,440,000 TELESP PN * TLSP4 303.00 306.00 299.00 301.00 + 0.33% 531 145,740,000 TELESP ON * TLSP3 200.00 204.99 200.00 202.00 + 1.00% 81 33,260,000 TELESP CL ON * TSPC3 66.50 72.50 66.50 71.50 + 8.33% 117 44,140,000 TELESP CL PNB* TSPC6 116.00 127.00 115.50 125.00 + 9.65% 621 304,790,000 TELEBRAS ON * TELB3T 107.00 107.01 107.00 107.01 0.00% 2 300,000 TELEBRAS PN * TELB4T 147.49 148.40 147.49 148.40 0.00% 4 300,000 TELERJ PN * TERJ4T 79.10 79.11 79.10 79.11 0.00% 2 500,000 TELEPAR PN * TEPR4T 428.20 428.21 428.20 428.21 0.00% 2 210,000 TELERJ PN * TERJ4T 86.89 86.90 86.89 86.90 0.00% 2 200,000 TELESP CL ON * TSPC3T 74.03 74.04 74.03 74.04 0.00% 2 100,000 TELEBRAS PN * TELB4T 152.28 152.29 152.28 152.29 0.00% 2 1,300,000 TELEBRAS PN * TELBH10 0.20 1.00 0.20 0.70 +%250.00% 243 786,000,000 TELEBRAS PN * TELBH12 0.09 0.30 0.09 0.15 +%114.28% 11 26,000,000 TELEBRAS PN * TELBH13 11.00 18.00 10.50 15.90 +60.60% 685 2,546,100,000 TELEBRAS PN * TELBH33 56.50 56.50 55.50 55.50 +20.65% 2 350,100,000 TELEBRAS PN * TELBH34 35.50 35.50 35.50 35.50 +31.48% 1 2,000,000 TELEBRAS PN * TELBH35 19.71 25.50 19.71 25.50 +44.06% 31 312,700,000 TELEBRAS PN * TELBH36 45.00 45.58 45.00 45.58 +22.85% 2 350,100,000 TELEBRAS PN * TELBH39 61.30 61.30 61.30 61.30 + 6.79% 1 1,000,000 TELEBRAS PN * TELBH6 4.30 9.90 4.10 8.30 +%118.42% 2985 8,653,300,000 TELEBRAS PN * TELBH8 1.10 3.80 1.00 2.70 +%200.00% 2720 8,002,000,000 TELEBRAS PN * TELBT10 3.60 3.60 3.60 3.60 -43.75% 1 20,000,000 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5F 51.06 52.00 45.50 45.50 / 0.00% 10 43,935 TELEBAHIA ON * TEBA3F 32.00 32.00 32.00 32.00 / 0.00% 1 6,126 TELEBAHIA CL PNB* TBAC6F 24.00 26.00 23.00 26.00 / 0.00% 11 44,881 TELEBAHIA CL PNC* TBAC7F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 16.91 17.00 16.91 17.00 / 0.00% 3 6,774 TELEBRAS PN * TELB4F 138.00 147.00 138.00 142.21 / 0.00% 208 5,117,953 TELEBRAS ON * TELB3F 100.00 110.00 99.99 104.50 / 0.00% 181 4,188,188 TELEBRASI CL PNB* TBRC6F 80.00 83.00 80.00 83.00 / 0.00% 3 8,413 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 221.01 221.01 219.00 221.00 / 0.00% 4 12,108 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG ON * TMGR3F 55.01 56.01 40.00 42.00 / 0.00% 12 26,081 TELEMIG PNA* TMGR5F 55.05 55.05 55.05 55.05 / 0.00% 1 282 TELEMIG PNB* TMGR6F 82.01 82.01 70.01 72.01 / 0.00% 17 47,210 TELEMIG CL PNB* TMGC6F 58.10 58.10 58.10 58.10 / 0.00% 1 170 TELEMIG CL PNC* TMGC7F 45.01 57.00 45.01 50.01 / 0.00% 13 39,428 TELEMIG CL ON * TMGC3F 25.00 30.00 24.00 30.00 / 0.00% 9 31,136 TELEPAR ON * TEPR3F 250.00 250.00 250.00 250.00 / 0.00% 2 452 TELEPAR PN * TEPR4F 395.00 425.01 390.00 425.01 / 0.00% 12 3,765 TELEPAR CL PNB* TPRC6F 135.00 150.00 130.00 149.00 / 0.00% 10 1,889 TELEPAR CL ON * TPRC3F 90.00 99.01 90.00 99.01 / 0.00% 6 1,743 TELERJ PN * TERJ4F 83.00 83.00 75.04 75.04 / 0.00% 51 165,013 TELERJ ON * TERJ3F 49.00 49.00 42.02 47.52 / 0.00% 11 30,116 TELERJ CL PNB* TRJC6F 68.00 81.03 67.50 74.36 / 0.00% 39 100,406 TELERJ CL ON * TRJC3F 42.06 46.50 42.06 46.40 / 0.00% 11 39,523 TELESP ON * TLSP3F 200.01 203.10 198.01 203.10 / 0.00% 35 122,644 TELESP PN * TLSP4F 305.00 305.00 298.00 299.00 / 0.00% 91 345,217 TELESP CL PNB* TSPC6F 110.00 124.00 110.00 123.56 / 0.00% 67 232,744 TELESP CL ON * TSPC3F 65.05 72.00 65.05 71.50 / 0.00% 23 72,974

To: Steve Fancy who wrote (6142)	7/31/1998 1:36:00 AM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

From NYSE... Coming Events Week of July 27, 1998 Original Listing: American Axle & Manufacturing - (Carve-out of General Motors) Original Listing: Del Monte Foods Company (DLM) - IPO Original Listing: DLJ High yield Bond Fund (DHY) - IPO Original Listing: Embratel Participacoes S.A. - Spin-off from Telebras Original Listing: Enfinity Corporation (BTU) - IPO Original Listing: Enterprise Products Partner, LP (EPD)- IPO Original Listing: Global Vacation Group - IPO Original Listing: Hosokawa Micron International Inc. (HOS) - IPO Original Listing: Hudson Hotel Trust (HHT)- IPO Original Listing: OEI International (ENG)- IPO Original Listing: Republic Services Group, Inc. - (Trade Date: 7/1/98) Original Listing: Telemig Celular Participacoes S.A. - Spin-off from Telebras Original Listing: Tele Leste Celular Participacoes S.A. - Spin-off from Telebras Original Listing: Telesp Participacoes S.A. - Spin-off from Telebras Original Listing: Telesp Celuar Participacoes S.A. - Spin-off from Telebras Original Listing: Tele Norte Leste Participacoes S.A. - Spin-off from Telebras Original Listing: Tele Centro Sul Participacoes S.A. - Spin-off from Telebras Original Listing: Tele Celular Sul Participacoes S.A. - Spin-off from Telebras Original Listing: Tele Sudeste Celular Participacoes S.A. - Spin-off from Telebras Week of August 3, 1998 Original Listing: Albecca Inc. - IPO Original Listing: SAP - IPO Original Listing: Meristar - IPO Original Listing: Anglo Gold - IPO nyse.com