I think the stars that appear are just kdb's way of saying that the result couldn't be displayed.
The minute and second datatypes have the form hh:mm and hh:mm:ss, respectively. So if kdb reads the hour part as having more than 3 digits (i.e greater than 99), the stars will appear.
If you're casting a string into a minute datatype, then kdb converts the last two chars into minutes, and the rest into hours, eg
"U"$"1234" / 12:34
"U"$"12345" / **:45
Something similar occurs when you convert a string into seconds. If the length of the string is 6 or greater, then the last two chars are converted into seconds. Otherwise, the seconds are set to 00. The rest of the string is then converted into hh:mm as above. To illustrate this, look at:
"V"$"1234" / 12:34:00
"V"$"12345" / **:45:00
"V"$"123456" / 12:34:56
"V"$"1123456" / **:34:56
I should also note that even though stars appear, you can still do things like temporal arithmetic as usual, eg
"U"$"100:00 / **:00
("U"$"100:00")-"U"$"1:00" / 99:00