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

To: md1derful who wrote (8981)	10/13/1998 5:02:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Could it be our old buddy Jeremy? Bank Of New York/Brazil Telebras -2: Vying For Liquidity By swiftly preempting RTBs' fee advantage, BONY may well save HOLDRs from disappearing in the wake of the RTBs. Analysts and traders extended a warm welcome to J.P. Morgan's still-untraded instrument, hailing its (previously) lower fee structure, and the fact that it has a very liquid underlying security, the RTCB 40. The fact that RTCB 40s have become the most liquidly traded security in the Sao Paulo Stock Exchange since the Telebras spin-off affords investors easier arbitrage possibilities, analysts said. "It opens up arbitrage opportunities, because you can switch it relatively easily into the underlying receipts," according to ABN Amro telecommunications analyst Christofer de Mattos. "You have to be pretty brave to do it with TBH." This is because to convert from HOLDRs into the local receipts, investors have to first convert into Telebras - which in the future will mean switching into 13 different ADRs - then go into the individual local shares, and subsequently convert into the local basket instrument. "I would venture to suggest that the market will prefer the Morgan vehicle," said Deutsche Bank Securities head of trading Jeremy Smith. "They're issued directly on the back of a local share, versus a receipt on a receipt." Market participants said that the new ADR will likely detract liquidity from a crowded field, with dozens of Telebras-related instruments trading locally and in New York. But BONY remains hopeful: "We anticipate that TBH will remain a highly liquid instrument, and it's possible that it'll become the most liquid" alternative, the BONY official said. "We've got a good reaction, and given adjustment in fees, and our success so far, we're positive that we're going to see some conversion on Tuesday." -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com (END) DOW JONES NEWS 10-09-98 05:16 PM

To: md1derful who wrote (8981)	10/13/1998 5:04:00 PM
From: Steve Fancy	Respond to of 22640

Analysts' Highest-Rated Stocks -2- *SF note: This and previous story from 10/09* This is a weekly ranking by First Call of the highest-rated stocks, based on analyst comments contributed within the past month to First Call's database. To be included on the list, a company must be rated by at least five analysts. First Call Consensus Recommendation Scale 1 = Buy 2 = Buy/Hold 3 = Hold 4 = Hold/Sell 5 = Sell Most Attractive Issues ---- ---------- ------ Latest # Analysts Previous Consensus Covering Consensus (DISH) 1.0 5 1.2 (BLPG) 1.0 5 1.0 (WIND) 1.0 5 1.2 (LSN) 1.0 5 1.3 (AOL) 1.1 30 1.2 (WCOM) 1.1 25 1.2 (TLC) 1.1 14 1.2 (MDDS) 1.1 13 1.2 (CPWR) 1.1 12 1.0 (SKS) 1.1 11 1.2 (SVE) 1.1 11 1.0 (ENP) 1.1 10 1.2 (AWIN 1.1 10 1.2 (NCS) 1.1 9 1.2 (QMDC) 1.1 9 1.2 (PSUN) 1.1 9 1.2 (BDN) 1.1 8 1.2 (PGNS) 1.1 8 1.0 (HCFP) 1.1 8 1.3 (PTX) 1.1 8 1.3 (USV) 1.1 8 1.0 (VSTN) 1.1 8 1.2 (RSG) 1.1 8 1.2 (BEAV) 1.1 8 1.2 (CMT) 1.1 8 1.3 (SCSAY) 1.1 8 1.2 (OWN) 1.1 8 1.3 (TBR) 1.1 8 1.2 (PKY) 1.1 7 1.0 (HGIC) 1.1 7 1.3 (HH) 1.1 7 1.2 (BD) 1.1 7 1.2 (LSON) 1.1 7 1.3 (MLNM) 1.1 7 1.2 (CTEA) 1.1 7 1.3 (CHUX) 1.1 7 1.0 (END) DOW JONES NEWS 10-09-98 01:25 PM

To: md1derful who wrote (8981)	10/13/1998 5:11:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's real weakens, expecting $700 mln outflow Reuters, Tuesday, October 13, 1998 at 16:22 SAO PAULO, Oct 13 (Reuters) - Brazil's real weakened 0.08 percent to finish at 1.1875 to the dollar in the commercial forex market Tuesday as investors estimated a net $700 million had fled currency markets, dealers said. At 1740 local time/1540 EDT/1940 GMT, $575 million was believed to have left the commercial forex market, while another $91 million departed the floating market. But dealers expected that $666 million total to grow to a net $700 million outflow once all the day's transactions are tallied. Copyright 1998, Reuters News Service

To: md1derful who wrote (8981)	10/13/1998 5:12:00 PM
From: Steve Fancy	Respond to of 22640

Summers confident of Brazil commitment to reforms Reuters, Tuesday, October 13, 1998 at 16:17 WASHINGTON, Oct 13 (Reuters) - U.S. Deputy Treasury Secretary Lawrence Summers said on Tuesday he was confident that Brazil would implement economic reforms to earn international support. Speaking on CNBC television, Summers also said he saw improvements in some emerging economies such as South Korea and Thailand, but things were less certain in Indonesia and Russia. "It's clear ... that the international community wants very much to be supportive of Brazil," Summers said. But it was up to Brazil to implement policy. Copyright 1998, Reuters News Service