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

To: md1derful who wrote (7519)	9/4/1998 4:06:00 PM
From: Steve Fancy	Read Replies (13) \| Respond to of 22640

Yep Doc, I got nailed...they spooked me out of another 7 puts at about 57. Hate to stick my neck out but, today may have been the bottom as we traded record volume...gonna be close to 10 million shares by the time it stops trading? Weekend will be key. sf

To: md1derful who wrote (7519)	9/4/1998 4:14:00 PM
From: CuttotheCore	Read Replies (1) \| Respond to of 22640

That was a classic fight, look at an intraday chart on dell and see that the battle was right at its resistance/support of 107. I firmly believe that we will get good news out of this weekend meeting and that Tues. will be an up day, or at least tues morn, depending on how well other mkts receive the news mon and tues nites. Tried to get in an order at 3:55 but schwab was too crowded. Big rally at the end. Shorts are covering at end of day. Have a good weekend. Down 68 points on tbr. Could cry but decided not to. Best. stx

To: md1derful who wrote (7519)	9/4/1998 4:36:00 PM
From: MGV	Read Replies (1) \| Respond to of 22640

!!! For many of us who have stuck this out waiting for the split up...we have lost half our money in this stock.. If only that were all. The Jan 2000 95 Leaps have fallen from 54 in April to 7 today. I am in at average of 24.

To: md1derful who wrote (7519)	9/4/1998 5:28:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's real ends flat amid reported intervention Reuters, Friday, September 04, 1998 at 16:55 SAO PAULO, Sept 4 (Reuters) - Brazil's real ended flat at 1.1780 to the dollar in the commercial foreign exchange market on Friday amid reported intervention by the Central Bank, dealers said. Dealers said Banco do Brasil (SAO:BBAS3) was seen selling dollars in the market on behalf of the Central Bank in a bid to prevent the real from weakening. Central Bank officials would not confirm the reported dollar sales. The Central Bank was estimated to have sold between $600 million and $1.0 billion amid huge net outflows of the U.S. currency. At 1715 local/1815 GMT on Friday, preliminary figures for commercial and financial forex contracts showed a $1.1 billion deficit and dealers said it might turn into a larger deficit at the end of the day when all transactions were registered. Brazil had already seen a $3.81 billion net outflow from the commercial and floating exchange rate markets in the first three days of September, extending the sharp losses seen in August, dealers said Friday. In the floating interbank rate market, the real closed at 1.1810 per greenback, down 0.01 percent in the day. In the parallel market, the real the closed at 1.270 per dollar, traders said. Copyright 1998, Reuters News Service

To: md1derful who wrote (7519)	9/4/1998 5:31:00 PM
From: Steve Fancy	Respond to of 22640

Brazilian ADRs Plunge; Telebras Lowest Since May 1996 Dow Jones Newswires NEW YORK -- American depositary receipts of Brazilian companies were tanking Friday afternoon, when investors' bearishness towards the country was exacerbated by a half-hour trading suspension in the Sao Paulo stock exchange, traders said. Brazilian ADRs showed double-digit percentage losses across the board, amid heavy volumes exchanged. Bellwether Telebras hit levels not seen since May 1996. At 1940 GMT, the ADR was recovering from its intraday low of $57, down 9.5% at $58 5/8. Traders added that the prevalent negative sentiment was compounded by Moody's Investors' Service placement Friday of 11 Brazilian banks under review for a possible downgrade. Thursday Moody's also downgraded Brazil's foreign-currency denominated debt. Unibanco closed down 14% at $11 1/2 after trading more than 2 million ADRs. The worst loser Friday was retailer Pao de Acucar, which closed down 21% at $9 9/16, a new 52-week low. The stock has roughly lost two thirds of its 52-week high of $27. Traders said that Brazilian ADRs are coming under more strain than other Latin American issues because of continuing speculation about a devaluation of its currency, the real. "People think Brazil is the next country that could devalue, and that's where the U.S. money centers and large banks have all the exposure," a dealer said. "So they're just hammering it." He added that money center banks don't want a repeat of the losses they incurred in Russia after its recent devaluation and default. "They don't want to be caught like they were with Russia, although there's no doubt they're overreacting." Another factor, dealers said, was the absence of potential buyers and the upcoming long weekend both in Brazil and the U.S. "The problem is that nobody is around. There are no buyers, the trading rooms are empty," the trader said. "People (would) rather be flat going into the weekend than long." -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com