Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Steve Fancy who wrote (9482)	11/5/1998 6:30:00 PM
From: lebo	Respond to of 22640

We will cross that bridge when we get there. That's a year 2000 problem that we don't have to worry about until 2000.

To: Steve Fancy who wrote (9482)	11/5/1998 6:37:00 PM
From: Fred Levine	Respond to of 22640

Steve and all-- More economic projections. Brazil and Mexico: More Growth in Mexico, a Clearer View of Brazil Ernest W. Brown (San Francisco) Now that Brazil has announced its fiscal package and we have an idea of the size and scope of spending cuts and tax hikes, we are revising our forecasts for the fundamentals in Brazil and Mexico, putting aside the two scenarios first explored with analysts in early September. We know now that Brazil is proposing a fiscal package that proposes to make a "fiscal effort" -- spending cuts and tax increases in the federal budget -- which is the equivalent of 3.3% of GDP during 1999E. As previously reported, we figure that R$22 billion of these cuts are likely to see the light of day, about 2.4% of GDP in 1999E. (Other cuts, totaling 0.4% each in state and state enterprise budgets, have been proposed, but not agreed on.) Brazil: The tax measures proposed should take their toll on the Brazilian economy by raising the cost of engaging in financial transactions (by raising the CPMF tax from 0.2% to 0.38%), by reducing disposable income (by taxing upper income civil servants, requiring a wider range of employees to pay the COFINS tax) by directly reducing aggregate demand (through cuts in discretionary spending of government) and by a myriad of other reductions in government's net contribution to domestic demand. In our view, a short and relatively deep recession is in store for Brazil, extending from 4Q98 through 2Q99. Modeling the incremental effect on economic growth is not straightforward because, if the package is successful, lower interest rates would help to support economic activity and reduce the amount of recession. Spending on durable goods, already hard hit by very tight credit in Brazil, would be curtailed. Incremental capital spending would be cut. Nondiscretionary spending -- on foodstuffs, clothing, housing, communication, energy -- would remain relatively unscathed. Because of these offsetting effects, getting specific about the numbers is a bit of an art, but here goes anyway. The recession is likely to be concentrated in the first part of 1999. We assume that GDP in 4Q98 declines 2%; GDP falls 7.5% in 1Q99, 4% in 2Q99, and then grows by 1% in 3Q99, picking up at the end of the year to a 2% rate in the last quarter. This means an assumption that GDP falls by 2% throughout 1999. We're much less sure of the magnitude of the declines than we are of the timing: lots of negative growth, all of it concentrated in the first half of 1999. Recovery should continue slowly in 2000, as GDP grows by a bare 1%. On an aggregated basis, we assume that private consumption spending falls by 2% in 1999, and government consumption by 3%. Government fixed investment in the economy we think will fall by about 2%, and private investment growth will be nil. Reportedly, the Brazilian government is assuming that inflation will be 2% in 1999, factoring in price increases in public sector goods and services. A lack of pricing pressure makes even this much inflation doubtful, in our view. Tight liquidity is demanded by Brazil's current defense of the real and this should take its toll on the Brazilian economy in 1999, just as Argentina's defense of its currency brought sharp recession in 1995. Brazil has to choose between devaluation and deflation, and is going to choose deflation, we believe. In terms of the remaining parts of the fundamental forecast, we are basically adopting the "Stout Defense" scenario first presented in September as our base case (70% probability) scenario. We assume the bulk of the measures proposed by the Cardoso government pass the Congress or are otherwise implemented in November, leaving mopping up for December or for early 1998 (assuming, as we do, that a support program from Brazil's creditor allies materializes in the near future.) In this constructive environment, a sharp drop of interest rates is highly likely from current levels to around 30%. As the budgetary effects are felt in 1Q99, declines to 25% by end 1Q99 are probable, with rates reaching 21% by midyear. In the second half of 1999, rates wouldn't decline by much more, only reaching 20% by year end 1999. We'll admit to being a bit divided on the interest rate outlook in the second half of the year. After all, rates at this level are still very high in real terms: 19% at midyear and still 18% at year's end. The constraint on further downward movement of interest rates is the dollar equivalent rate or "coupon", which falls below 10% at midyear under this scenario and settles in at 13% by year's end, quite low by recent standards. We don't see nominal interest rates falling much further because of the steady currency devaluation. This interest rate scenario is unchanged from our early September "stout defense", and clearly is most at risk to delays. The real should end 1998 at R$1.20, a 7.7% nominal depreciation with respect to year-end 1997 and 1999E at R$1.30, an 8.1% nominal depreciation. Accounting for deflation during 3Q98 and very low inflation in 1999E, real depreciation of the currency would amount to about 9% vis a vis the U.S. dollar in both years. It is worthwhile pointing out that a weaker dollar would mean that real devaluation of the currency vis a vis the rest of the world would be significantly more. Our view on the odds of a maxi-devaluation haven't changed markedly since early September: for the coming four month period; the odds of a maxi-devaluation remain at 30%. We think the odds of a devaluation can be significantly lowered by passage of the package. We remain convinced that, regardless of the merits for or against a one shot devaluation, that the Cardoso government will continue to use a mini-devaluation system.

To: Steve Fancy who wrote (9482)	11/5/1998 8:48:00 PM
From: md1derful	Respond to of 22640

Hey buster, you better not take any profits!! Anyway Cramer (Kramer??) says at the third rate cut buy financials and brazil, big time...go figure!! Love the price action..go MO too.

To: Steve Fancy who wrote (9482)	11/5/1998 8:56:00 PM
From: Steve Fancy	Respond to of 22640

Emerging mkt bonds climb on optimism on Brazil Reuters, Thursday, November 05, 1998 at 16:35 NEW YORK, Nov 5 (Reuters) - Emerging market bonds ended higher Thursday as investors took succour from some political progress in Brazil on reforming the country's bloated pension system, traders said. Emerging market bond prices moved up by one to one-and-a-half points after Brazil's Congress defeated three amendments that would have watered down efforts to trim the government's liabilities on pensions for government employees. "It is an important first step in Brazil," said Paulo Leme, Latin American debt strategist at Goldman, Sachs & Co. "What is important now in Brazil is governance, that they can implement policies," he said. Brazil's benchmark "C" <BRAZILC=RR> bonds were 2-1/4 points higher at 64-3/4 points late Thursday amid scattered buying, traders said. Analysts said they expected the International Monetary Fund is to announce a financial package for Brazil sometime between Friday and the middle of next week. Initial estimates put the package at $30 billion, but now $45 billion is expected. "It is the Colin Powell theory," said Robert Hormats, economist at Goldman Sachs. "The greater the force you commit, the less you have to use it," he said. At a conference on Andean region countries sponsored by Goldman Sachs in New York on Thursday, some participants said plugging the fiscal gap will work temporarily in Brazil. Over the long run, however, Brazil needs to bring down short-term interest rates, which may require a currency devaluation. Harvard University economist Jeffrey Sachs, a proponent of currency devaluations under certain conditions, said Brazil's real is overvalued by between 30 percent and 50 percent. Speaking at the conference, Sachs said Brazil's over-valued currency is stifling growth in Latin America's largest economy. Meanwhile, Russia's bonds traded lower, bucking the wider market trend. The benchmark PRIN bonds <<RUSPRIN=RR>, created from restructured Soviet era debt, fell an 1/8 to bid at 7-1/8. Russian government officials indicated Wednesay that the country may have to restructure external dollar-denominated debt. A food aid and credits deal clinched between Russia and the United States hung in the balance Thursday after a last-minute spat over tax exemptions forced the postponement of a planned signing ceremoney. In Washington, U.S. officials said the two sides were still talking about the package, under which Russia was to receive credits worth $600 million to buy food. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9482)	11/5/1998 8:57:00 PM
From: Steve Fancy	Respond to of 22640

POLL- Brazil's devaluation risk drops in near term Reuters, Thursday, November 05, 1998 at 20:24 By Noriko Yamaguchi SAO PAULO, Nov 5 (Reuters) - The risk of a steep, sudden devaluation in Brazil has fallen thanks to the government's resolve to cut costs and likely international aid for Latin America's largest economy, a Reuters poll of economists found. The poll of 34 economists in Brazil and the United States found the probability of a once-off devaluation of more than 15 percent between now and the end of 1998 fell to 6 percent from 13 percent in a previous poll last month. The survey, conducted between November 3 and 4, found the likelihood of a devaluation in the first six months of 1999 also fell noticeably to 17 percent from 22 percent. Economists said the government's $84 billion austerity plan announced last week brightened prospects that Brazil would soon secure a credit line from the International Monetary Fund (IMF), reducing the risk of a devastating devaluation. Brazil-watchers said the government seemed to be doing what was needed to fend off a crisis. President Fernando Henrique Cardoso was given a boost late Wednesday when the lower house of Congress finally approved a long-delayed pension reform bill that seeks to tackle the country's massive $35 billion social security deficit. The vote was seen as a test of the government's ability to push ahead with other reforms and cost-cutting measures included in its austerity plan. A devaluation in Brazil would throw Latin America into financial mayhem, provoke a region-wide recession, hurt U.S. exports to the region and possibly hurt the world economy. "Chances of a devaluation have fallen significantly with the hopes of the IMF credit, although a lot depends on whether Congress approves the announced budget cuts," said Jaime Alves Neto, chief economist at Banco Patente. "A bigger risk therefore lies in the first half of 1999 when those Congressional prospects become clearer," he added, betting on a 40 percent devaluation risk in that period. Another risk factor closely monitored by economists was the level of Brazil's foreign currency reserves, considered the country's main weapon against a speculative attack. Brazil's pool of dollars has diminished to between $43 billion and $44 billion from $70 billion in July, before Russia's crisis triggered financial turmoil worldwide. Although capital flight from forex markets slowed to a net $1.89 billion in October from $18.9 billion in September, at the height of Brazil's crisis, future outflows would be influenced by the government's ability to actually cut costs and raise taxes, the economists said. If dollar outflows keep draining reserves, Brazil would be forced to alter its forex policy one way or another, they said. "If Brazil does not carry out a maxi-devaluation in the next eight months, it will probably speed up the rate at which it normally depreciates the currency," said Ken Colli at Credit Lyonnais in New York. The Brazilian Central Bank has been depreciating the real, which trades in a tightly regulated band, by about 7.5 percent a year since the currency was introduced in 1994. Economists predicted the Bank could start depreciating by 10 to 12 percent next year. Survey participants were asked the following question: What are the percentage chances of an overnight devaluation of over 15 percent in Brazil for the next six halves? (34 responses) 98 H1 99 H1 99 H2 2000 H1 2000 H2 2001 H1 Average 6 17 15 13 12 12 Median 5 15 10 10 10 5 For more details on the poll please click on <BRAAP> and <BRAAO> <BRAAQ>. noriko.yamaguchi@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9482)	11/5/1998 9:03:00 PM
From: Steve Fancy	Respond to of 22640

ADR REPORT - Emerging market highlights - Nov. 5 Reuters, Thursday, November 05, 1998 at 20:46 BRAZIL ADRS RISE ON REFORM OPTIMISM, INDONESIAN ADRS SURGE NEW YORK, Nov 5 (Reuters) - Brazilian American Depositary Receipts (ADRs) rose Thursday on optimism fueled by passage of a key economic reform measure. "The party continues," a trader said. "Everybody is happy because Brazil is doing the right thing -- that's it." Brazil's Congress Wednesday rejected opposition amendments to a long-delayed bill to reform the troubled pension system. The measure was seen as a test of the government's ability to press ahead with other reforms and cost-cutting measures included in an $84 billion austerity plan announced last week. Other Latin American ADRs were mixed as U.S. markets declined in profit-taking, and overall volumes were light. Among market gauges, the ING Barings Latin American index of leading regional stocks <.LAT> was up 1.21 percent. Indonesian telecommunications ADRs were stronger in heavy trade as foreign investors were attracted by bargain prices and a weaker currency, the rupiah. The Jakarta market was up 7.6 percent overnight. "Indonesia is hot right now. There is a lot of local interest and there aren't that many names that you can get," leading to interest in telephone stocks, a trader said. Here are some highlights among emerging market ADRs: * * * BRAZIL - Telephone issue Telebras SA (SAO:TELB4) (NYSE:TBR), a bellwether Latin American ADR, was up 3-5/16 to 84-1/2. Telebras was among volume leaders on the New York Stock Exchange. Unibanco Group (SAO:UBB) (NYSE:UBB) was up 2-2/16, or 11 percent, to 21-7/16 and was among percentage-gain leaders on the exchange. * * * MEXICO - Telefonos de Mexico (MEX:TMX.L) (NYSE:TMX) was off 1/16 to 55-1/16 in light trade. * * * CHINA - Leading Chinese ADRs were lower amid profit-taking. Among them, Jilin Chemical Industrial Co. (NYSE:JCC) (HKSE:0368) was off 9/16, or 7.9 percent, to 6-9/16. * * * INDONESIA - Bellwether PT Telekom (NYSE:TLK) (JAK:TLKM) was up 11/16 to 6-1/16. Trade was more than twice normal levels and PT Telekom was among volume leaders on the New York Stock Exchange. Long-distance telephone company Indonesian Satellite Corp. (JAK:ISAT) (NYSE:IIT) rose 1-11/16 to 13-3/8 in heavy trade. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9482)	11/5/1998 9:05:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Govt Seen By 68% As Capable Of Handling Crisis Dow Jones Newswires BRASILIA -- The number of Brazilians who believe that the government of President Fernando Henrique Cardoso is capable of handling the current financial crisis has risen to 68% in October from 59% the month before, according to a poll released in Brasilia Thursday. Public opinion research institute Vox Populi said it interviewed 1,988 people in 194 cities across Brazil between Oct. 27 and 28. The poll was commissioned by the National Transport Confederation (CNT). The rise in unemployment remains the population's biggest concern (45% last month, compared with 35% in September), while 26% feel inflation might return and 13% fear a devaluation of the real. The current crisis is considered "very serious" by 59% of Brazilians, with 34% saying they've already starting to make personal budget cuts and 21% planning to do so soon. -By William Vanvolsem; 5166-244 3095; wvanvolsem@ap.org

To: Steve Fancy who wrote (9482)	11/5/1998 9:06:00 PM
From: Steve Fancy	Respond to of 22640

U.S. Lawmakers To Visit Brazil To Talk Trade, Fincl Aid Dow Jones Newswires WASHINGTON -- Sen. Joseph Lieberman, D-Conn., and Chairman of the House Ways and Means Committee, William Archer, R-Texas, are traveling separately to Brazil this month to discuss trade and international aid issues with officials there. Lieberman will be in Brasilia Monday and Tuesday on his way to a two-week United Nations conference in Buenos Aires, Argentina, on global warming for the rest of the week, his spokeswoman said. He will meet with Connecticut-based companies with operations in Brazil, as well as Brazilian Foreign Minister Luis Felipe Lampreia, other members of cabinet and congressional leaders, she said. The state of the Brazilian economy as well as U.S. support for Brazil amid its ongoing financial crisis will be topics of discussion, she added. Lieberman wants to show he's "optimistic there will be continued support to help Brazil with its economic problems," she said. Separately, Ways and Means Committee Chairman Archer will also travel to Brazil this month with a delegation from the committee, a spokesman for Archer said. The purpose of the trip is to meet with government officials and parliamentarians on regional trade integration, multilateral trade issues, fast-track and trade disputes, a spokesman for the committee added. Fast-track negotiating status would force Congress to vote up or down on trade agreements without amending them. The trips come as the international investment community eagerly awaits concrete news on a global emergency aid package for Brazil, which has been struggling with a depreciating real, depleted foreign exchange reserves, and capital flight as jittery investors remove their funds from emerging markets. Expected to be around $30 billion, the package will involve the International Monetary Fund (IMF), World Bank, and Inter-American Development Bank with bilateral aid a likely component. -By Kristi Bahrenburg, tel: (202) 862-9295; or e-mail: kristi.bahrenburg@cor.dowjones.com

To: Steve Fancy who wrote (9482)	11/5/1998 9:09:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil Telebras Spinoff ADRs To List On NYSE On Nov. 16 Dow Jones Newswires NEW YORK -- American depositary receipts of companies spun off from Brazil's Telecomunicacoes Brasileiras SA (TBR, TBH), or Telebras, will start trading on the New York Stock Exchange on Nov. 16, the company said Thursday. The date of record for the distribution of spinoff ADRs to holders of Telebras ADRs will be Nov. 13. The company didn't provide the price at which fractional holdings - above or below the multiple of 300 - will be cashed out by the Bank of New York, the depositary agent of Telebras. Following are the names of the companies, their ticker symbols and number of new ADRs per 300 of Telebras: Embratel Participacoes SA (EMT), 300 new ADRs Telesp Participacoes SA (TSP), 300 new ADRs Telesp Celular Participacoes SA (TCP), 120 new ADRs Telemig Celular Participacoes SA (TBM), 15 new ADRs Tele Leste Celular Participacoes SA (TBE), 60 new ADRs Tele Norte Leste Participacoes SA (TNE), 300 new ADRs Tele Centro Sul Participacoes SA (TCS), 60 new ADRs Tele Celular Sul Participacoes SA (TSU), 30 new ADRs Tele Sudeste Celular Participacoes SA (TSD), 300 new ADRs Tele Centro Oeste Celular Participacoes SA (TRO), 100 new ADRs Tele Nordeste Celular Participacoes SA (TNT), 15 new ADRs Tele Norte Celular Participacoes SA (TCN), 6 new ADRs Telesp Participacoes, Tele Norte Leste Participacoes and Tele Centro Sul Participacoes are fixed-wireline companies. Embratel is the national long-distance carrier. The remaining eight firms are cellular providers. Although the ADRs haven't yet traded in New York, analysts have followed the performance of the underlying companies, listed in Sao Paulo on Sept. 21. Two stocks jump out as analysts' darlings: Telesp Participacoes SA, from Sao Paulo state, and Tele Norte Leste Participacoes SA., both local carriers. Tele Norte Leste covers the northeastern states, with a population of 85.8 million and a gross domestic product of $322 billion, according to Robert Flemings Securities. Telesp serves 34.8 million people, with a GDP of $290 billion. As Santander Investment analyst Patrick Jurczak said in a report, the firm "has the highest liquidity of all the post-privatization entities, has no merger risk, operates in the economic center of Brazil, has huge pent up demand, and high barriers to competition. In addition, it benefits from high cash flow to fund capital expenditures." Also, Telesp is controlled by a group of Spanish companies led by Telefonica SA (TEF), which is well-versed in operating Latin American post-privatization telecoms. Observers say that a negative for Telesp could be a lower upside than a riskier and less liquid proposition like Tele Norte Leste, which isn't controlled by an experienced operator. For example, Paribas analyst Carlos Constantini believes that Telesp has a 26% upside, while Tele Norte Leste could rise 62% over a 12-month period. Analysts favor local carriers over cellular firms because they "are less affected by competition than cellular, their growth potential is high, and their profitability in terms of margins will be sustained in the medium term, unlike cellular companies, whose margins will be cut in the next one or two years," said Deutsche Bank Securities' Regio Martins. However, some cellular firms have caught the experts' eyes. Sao Paulo state once again leads the pack, with Telesp Celular as the most recommended in an informal Dow Jones survey, followed by Telemig Celular, of Minas Gerais state. Telesp Celular is managed by Portugal Telecom (PT) while Telemig is controlled by Canada's Telesystem International Wireless Inc. (T.TIW) As for investors who don't want the trouble of so much choice, Telebras HOLDRs and RTBs - two basket securities - will continue to replicate the pre-spinoff Telebras. While HOLDRs will represent 12 ADRs, the RTBs will represent RTCB40s, the most liquid Telebras security traded in Sao Paulo. Telebras ADRs (TBR) will continue to trade in New York until further notice. At the end of October, of the 128 million Telebras ADRs outstanding, 48 million were in the form of HOLDRs, according to depositary agent, The Bank of New York. Telebras ADRs - as befits the proxy for Latin America - have had a bumpy year. The share reached a high of $134 on April 1, when most investment firms had target prices between $150 and $180 for the end of 1998. It then crumbled under the general emerging market malaise - with a brief respite after the privatization in July - reaching a low of $51 5/16 on Sept. 10. Since that date, Telebras ADRs have rallied 70%, to close at $88 on Thursday. Analysts will now have about a week to study financial statements from the companies, and figure out recommendations and price-targets. It should be noted that since the individual ADRs have different ratios to the underlying shares, current price-targets in reals for the underlying companies don't always translate one to one. -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com

To: Steve Fancy who wrote (9482)	11/5/1998 9:21:00 PM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 11/05/1998 ******* The 12 Baby Bra preferred shares represent the Bovespa close at 3:00...NYSE close may be different Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4 17.50 19.81 17.10 19.80 +11.86% 433 1,029,900,000 TELE CL SUL PN * TCSL4 1.41 1.49 1.39 1.45 + 2.83% 241 1,210,000,000 TELE CTR OES PN * TCOC4 0.86 0.92 0.86 0.92 + 5.74% 187 946,700,000 TELE CTR SUL PN * TCSP4 10.50 13.00 10.50 12.50 +17.92% 364 1,240,100,000 TELE LEST CL PN * TLCP4 0.56 0.65 0.56 0.65 +12.06% 207 1,055,700,000 TELE NORD CL PN * TNEP4 0.75 0.83 0.73 0.81 + 8.00% 262 1,861,100,000 TELE NORT CL PN * TNCP4 0.33 0.37 0.32 0.37 +12.12% 234 1,547,300,000 TELE NORT LE PN * TNLP4 14.50 16.50 14.50 16.00 + 5.26% 362 1,007,700,000 TELE SUDESTE PN * TSEP4 5.60 6.00 5.25 5.50 = 0.00% 274 1,040,600,000 TELEMIG PART PN * TMCP4 1.25 1.40 1.25 1.35 + 8.00% 235 1,179,800,000 TELESP CL PA PN * TSPP4 9.00 10.00 9.00 9.90 +10.00% 381 1,049,800,000 TELESP PART PN * TLPP4 34.00 36.98 33.30 36.00 + 4.34% 422 1,089,500,000 ------ R$105.25 R$105.25 / 1.1892 = US$ 88.50 Closing figures for the Baby Bras Common shares on the Bovespa for: 11/05/1998 These shares trade only in Brazil (Control or Voting shares), will not match up to US ADR Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3 9.51 10.40 9.51 10.12 + 6.52% 32 72,900,000 TELE CL SUL ON * TCSL3 0.74 0.85 0.74 0.85 +13.33% 29 215,700,000 TELE CTR OES ON * TCOC3 0.68 0.70 0.68 0.68 - 1.44% 18 53,700,000 TELE CTR SUL ON * TCSP3 5.15 6.00 5.00 6.00 +13.42% 35 144,300,000 TELE LEST CL ON * TLCP3 0.35 0.38 0.35 0.38 + 2.70% 31 164,000,000 TELE NORD CL ON * TNEP3 0.46 0.48 0.46 0.48 + 4.34% 27 77,000,000 TELE NORT CL ON * TNCP3 0.24 0.25 0.24 0.24 = 0.00% 21 40,900,000 TELE NORT LE ON * TNLP3 6.70 8.45 6.60 8.00 +19.40% 37 73,500,000 TELE SUDESTE ON * TSEP3 2.40 2.60 2.35 2.59 +11.15% 47 373,700,000 TELEMIG PART ON * TMCP3 0.87 0.87 0.81 0.83 - 2.35% 28 61,800,000 TELESP CL PA ON * TSPP3 4.89 5.20 4.80 5.20 +10.63% 53 159,800,000 TELESP PART ON * TLPP3 23.60 25.01 23.60 25.00 + 5.93% 46 82,100,000 Closing figures for Telebras receipts on the Bovespa for: 11/05/1998 These symbols are kind of the US TBH equivalent without the crazy premium. I believe the first two are the normal receipts, don't know about rest...anyone? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBR RCTB RON* RCTB30 53.50 59.50 53.50 58.50 + 8.33% 371 306,200,000 TELEBR RCTB RPN* RCTB40 96.50 104.00 96.00 103.30 + 6.82% 1417 2,483,100,000 TELEBR RCTB RON* RCTB30T 55.82 55.82 55.81 55.81 0.00% 2 1,000,000 TELEBR RCTB RPN* RCTB40T 103.23 103.23 103.23 103.23 0.00% 1 200,000 TELEBR RCTB RON* RCTB30T 59.50 59.50 59.49 59.49 0.00% 2 10,000,000 RCTB RPN* RCTBL18 13.50 18.80 13.30 18.60 +30.98% 45 132,000,000 RCTB RPN* RCTBL3 7.50 11.90 7.20 11.90 +54.54% 1094 2,505,000,000 RCTB RPN* RCTBL30 21.35 21.50 21.35 21.40 - 2.72% 6 28,000,000 RCTB RPN* RCTBL4 3.50 6.00 3.30 5.90 +61.64% 2370 4,905,000,000 RCTB RPN* RCTBL5 1.40 2.50 1.35 2.45 +63.33% 1261 2,423,000,000 RCTB RPN* RCTBL6 0.50 0.97 0.50 0.97 +%102.08% 58 219,000,000 RCTB RPN* RCTBX8 9.20 9.20 9.20 9.20 -51.57% 1 10,000,000 TELEBR RCTB RON* RCTB30F 54.00 59.00 53.70 59.00 + 9.25% 60 1,533,091 TELEBR RCTB RPN* RCTB40F 96.00 103.99 96.00 102.05 + 5.53% 84 2,024,247 Closing figures for other Baby Bra related symbols on the Bovespa for: 11/05/1998 Have no idea what these are...options? Anyone know or want to help figure it out? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELE CTR SUL PN * TCSP4T 11.58 11.58 11.57 11.58 0.00% 4 4,000,000 TELEMIG PART PN * TMCP4T 1.32 1.33 1.32 1.33 0.00% 2 30,000,000 EMBRATEL PAR ON * EBTP3F 9.21 10.30 9.21 9.41 - 0.94% 4 56,200 EMBRATEL PAR PN * EBTP4F 17.90 20.00 17.90 20.00 +12.99% 8 271,825 TELE CL SUL ON * TCSL3F 0.73 0.75 0.73 0.75 = 0.00% 2 53,900 TELE CL SUL PN * TCSL4F 1.36 1.36 1.36 1.36 - 3.54% 1 4,704 TELE CTR OES ON * TCOC3F 0.67 0.67 0.66 0.66 - 4.34% 3 53,900 TELE CTR OES PN * TCOC4F 0.95 0.95 0.84 0.84 - 3.44% 2 22,149 TELE CTR SUL ON * TCSP3F 5.50 6.00 5.00 5.15 - 2.64% 8 165,826 TELE CTR SUL PN * TCSP4F 11.20 12.35 11.00 12.35 +16.50% 5 118,298 TELE LEST CL ON * TLCP3F 0.34 0.36 0.34 0.35 - 5.40% 3 53,900 TELE LEST CL PN * TLCP4F 0.53 0.53 0.53 0.53 - 8.62% 1 4,704 TELE NORD CL ON * TNEP3F 0.46 0.46 0.46 0.46 = 0.00% 2 53,900 TELE NORD CL PN * TNEP4F 0.76 0.76 0.76 0.76 + 1.33% 1 4,704 TELE NORT CL ON * TNCP3F 0.24 0.24 0.23 0.23 = 0.00% 3 53,900 TELE NORT CL PN * TNCP4F 0.33 0.33 0.33 0.33 = 0.00% 2 54,704 TELE NORT LE ON * TNLP3F 6.80 7.22 6.40 7.22 + 7.76% 3 96,971 TELE NORT LE PN * TNLP4F 15.51 17.40 15.01 17.40 +14.47% 7 170,529 TELE SUDESTE ON * TSEP3F 2.30 2.55 2.30 2.36 + 1.28% 8 172,190 TELE SUDESTE PN * TSEP4F 5.51 5.80 5.26 5.79 + 5.27% 6 186,703 TELEMIG PART ON * TMCP3F 0.78 0.78 0.78 0.78 - 8.23% 2 53,900 TELEMIG PART PN * TMCP4F 1.22 1.22 1.22 1.22 - 2.40% 1 4,704 TELESP CL PA ON * TSPP3F 4.89 5.00 4.55 5.00 + 6.38% 6 199,003 TELESP CL PA PN * TSPP4F 9.50 10.30 9.11 10.00 +11.11% 8 174,905 TELESP PART ON * TLPP3F 22.10 25.00 22.10 25.00 + 5.93% 6 178,967 TELESP PART PN * TLPP4F 33.01 36.01 33.01 36.00 + 4.34% 6 165,804 Closing figures for other Telebras related symbols on the Bovespa: 11/05/1998 These symbols are for the 52 individual companies, no match to anything, provided FWIW. Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA ON * TEBA3 14.00 14.00 14.00 14.00 + 3.70% 1 20,000 TELEBAHIA PNA* TEBA5 25.90 26.95 25.90 26.95 + 3.85% 23 6,410,000 TELEBAHIA PNB* TEBA6 29.13 29.13 29.13 29.13 -39.31% 1 10,000 TELEBAHIA CL ON * TBAC3 13.00 18.50 13.00 18.50 +59.48% 6 260,000 TELEBAHIA CL PNB* TBAC6 27.00 32.00 26.99 32.00 +18.51% 13 2,970,000 TELEBAHIA CL PNC* TBAC7 24.00 26.00 24.00 25.10 +39.44% 5 280,000 TELEBRAS ON * TELB3 0.11 0.11 0.11 0.11 = 0.00% 19 43,400,000 TELEBRAS PN * TELB4 0.15 0.15 0.14 0.15 = 0.00% 172 1,040,100,000 TELEBRASI CL ON * TBRC3 42.01 42.01 42.01 42.01 +14.93% 1 400,000 TELEBRASI CL PNB* TBRC6 51.00 55.00 51.00 55.00 + 7.80% 3 50,000 TELEBRASILIA ON * TBRS3 90.00 90.00 90.00 90.00 + 1.12% 1 10,000 TELEBRASILIA PN * TBRS4 97.00 97.00 97.00 97.00 + 3.19% 2 30,000 TELEMIG ON * TMGR3 20.00 22.99 20.00 22.99 +14.95% 5 520,000 TELEMIG PNB* TMGR6 37.50 38.50 37.00 38.39 + 1.29% 38 23,100,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7 13.80 16.50 13.40 16.50 +21.32% 97 48,620,000 TELEPAR ON * TEPR3 95.00 97.04 95.00 97.04 + 2.14% 18 7,516,000 TELEPAR PN * TEPR4 239.00 239.00 219.99 230.00 = 0.00% 46 2,260,000 TELEPAR CL ON * TPRC3 30.00 33.00 30.00 33.00 +10.00% 18 5,087,000 TELEPAR CL PNB* TPRC6 60.00 65.00 60.00 63.49 + 2.37% 27 2,181,000 TELERJ ON * TERJ3 22.00 25.00 22.00 25.00 +13.63% 14 21,220,000 TELERJ PN * TERJ4 39.00 40.00 38.00 40.00 + 1.78% 415 176,640,000 TELERJ CL ON * TRJC3 27.00 28.00 27.00 28.00 + 3.70% 11 10,550,000 TELERJ CL PNB* TRJC6 44.00 45.50 44.00 45.00 + 0.89% 76 41,060,000 TELESP ON * TLSP3 139.98 147.00 139.98 143.00 + 0.70% 25 5,170,000 TELESP PN * TLSP4 227.00 231.00 220.00 231.00 + 1.76% 537 145,100,000 TELESP CL ON * TSPC3 29.10 32.50 29.00 31.50 + 8.62% 85 42,630,000 TELESP CL PNB* TSPC6 66.00 71.04 65.00 70.50 + 5.22% 189 53,830,000 TELEMIG CL PNC* TMGC7T 14.25 14.26 14.25 14.26 0.00% 2 2,000,000 TELERJ PN * TERJ4T 39.73 39.74 39.73 39.74 0.00% 3 300,000 TELEMIG CL PNC* TMGC7T 15.86 15.87 15.86 15.87 0.00% 2 400,000 TELERJ PN * TERJ4T 41.04 41.05 40.30 40.62 0.00% 5 2,270,000 TELEBAHIA ON * TEBA3F 13.00 13.00 13.00 13.00 - 3.70% 2 14,440 TELEBAHIA PNA* TEBA5F 24.06 24.06 24.06 24.06 - 7.28% 2 7,952 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 13.00 13.00 13.00 13.00 +12.06% 1 6,426 TELEBAHIA CL PNB* TBAC6F 26.00 30.00 26.00 30.00 +11.11% 4 26,902 TELEBRAS ON * TELB3F 0.10 0.11 0.10 0.10 = 0.00% 5 91,900 TELEBRAS PN * TELB4F 0.15 0.15 0.15 0.15 = 0.00% 3 39,704 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 50.00 51.00 50.00 50.01 - 1.97% 3 7,997 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 94.52 94.52 94.50 94.50 + 0.53% 5 15,947 TELEMIG ON * TMGR3F 19.00 19.00 19.00 19.00 - 5.00% 1 1,699 TELEMIG PNA* TMGR5F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PNB* TMGR6F 37.10 37.50 35.70 37.50 - 1.05% 5 11,160 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3F 9.00 9.00 9.00 9.00 -10.00% 1 2,088 TELEMIG CL PNB* TMGC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7F 12.00 15.20 12.00 15.20 +11.76% 2 3,280 TELEPAR ON * TEPR3F 91.00 91.00 91.00 91.00 - 4.21% 1 619 TELEPAR PN * TEPR4F 220.00 230.00 210.00 230.00 = 0.00% 14 5,148 TELEPAR CL ON * TPRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR CL PNB* TPRC6F 61.00 64.99 60.02 62.00 - 0.03% 10 4,190 TELERJ ON * TERJ3F 20.11 22.00 20.11 22.00 = 0.00% 4 12,971 TELERJ PN * TERJ4F 38.01 39.30 38.01 39.30 = 0.00% 13 31,188 TELERJ CL ON * TRJC3F 27.00 27.00 26.01 26.01 - 3.66% 2 1,114 TELERJ CL PNB* TRJC6F 44.00 45.00 43.01 44.71 + 0.24% 11 26,950 TELESP ON * TLSP3F 140.00 142.01 138.01 142.00 = 0.00% 14 62,897 TELESP PN * TLSP4F 223.00 230.00 219.01 229.99 + 1.31% 55 234,371 TELESP CL ON * TSPC3F 28.99 32.00 28.99 32.00 +10.34% 11 49,640 TELESP CL PNB* TSPC6F 66.00 70.00 65.00 70.00 + 4.47% 22 92,301