TLS 0.76% $3.96 telstra corporation limited.

Telstra to bleed

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    Telstra shares in for a hiding
    By David Potts, Sun-Herald business editor
    April 28 2002
    The Sun-Herald

    Long-suffering Telstra shareholders will see the company's share price drop below $5 tomorrow after a poor showing on Wall Street.

    After a last-minute wave of selling, the Dow dropped 124 points to below the psychological barrier of 10,000, dragging the Nasdaq exchange down 50 points with it.

    Nasdaq has fallen more than 7 per cent in a week.

    The share slump was despite a surprise rise in US economic growth to an annual rate of 5.8pc in the March quarter, 1pc higher than economists had forecast.

    But analysts warned the GDP rise was not as good as it looked. US President George Bush has said he was not content with the country's performance and has warned that this quarter may not be as good as the last.

    The figure also prompted another drop in the US dollar, allowing the Australian dollar to cling on to last week's gains.

    US economic growth is expected to slow to 3pc, according to a Bloomberg News survey.

    The jump in GDP was due to a slowdown in inventory liquidation by manufacturers and follows a shock drop in durable goods orders in March and a larger than forecast decline in existing home sales. Analysts also pointed to a swag of earnings results that show business is not improving.

    The continuing tension in the Middle East has also affected confidence.

    Australian stocks were marked down, with Telstra dropping 6 to $4.94. Friday's high-flyer, ANZ Bank, which revealed a record profit and gained 50 dropped 16 of it to $19.31.

    News Corporation fell 23 to $12.43, while rival AOL Time Warner continued to slide, plunging US77 to $US18.72. The oil price jumped US40 a barrel despite the Saudis denying they were considering an oil embargo over Israeli raids in Palestine.

    The price of gold eased US65 to US$306.60 an ounce at the London fix, despite the bail-out from the US dollar.

    Arthur Andersen, which is to stand trial next month over the illegal destruction of Enron documents, has lost a bid to delay its May 6 trial until mid-June. A US district judge denied its claim that pre-trial publicity had tainted potential jurors.

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