Business Services Industry
Daily Mail, London, Market Report.
Knight Ridder/Tribune Business News, February, 2002
By Geoff Foster, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 15--When your own joint broker decides to kick you when you are down, what chance do you stand? Troubled cable operator Telewest Communications was sold down to 15 3/4 pence before closing 3 pence off at an all-time low of 17 pence after Merrill Lynch downgraded it from buy to neutral. Clients stampeded for the exit and a staggering 186 million shares were traded in the stock, which peaked at 563 pence in 2000.
Merrill sees a potential UKpound 340 million funding shortfall, arguing that debt restructuring at rivals NTL and UPC could leave Telewest the weakest link in the sector.
Even though Telewest said it has no plans to do so, Merrill believes a...
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