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

To: CuttotheCore who wrote (6469)	8/10/1998 12:50:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Stx, best description since a week ago Monday..."sucks". TBR has continued to refuse to stand on it's own two legs. Every excuse under the sun, from Clinton (referenced in a trader comment again today) to the Africa bombings. Has been frustrating and discouraging. The one possibility I hadn't considered was a week or two of of zero news after the sale. In fact the only real news we've seen has been subtle negatives...bickering amongst consortiums, concerns over winning consortiums abilities to secure financing and the church speaking up against privatizations, etc. Story last Friday after the bell that the listings should start within two weeks...this was the first word we had heard. I believe anticipation may have leaned towards listings last week based on comments from Merrill, Barros and a host of others. The week came and went with no listing news. At some point I still expect the stock to pick up, but at this point we're probably gonna be lucky to see something in the 120 range as the listings start. I will be averaging my AUG 115C yet, but I'm not convinced we won't see a quick drop lower then 98.5. sf