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Petrobras (PBR -5.5%) shares are pummeled in the wake of late Friday's release of Q3 earnings,...

Petrobras (PBR -5.5%) shares are pummeled in the wake of late Friday's release of Q3 earnings, which showed a 12% Y/Y drop as analysts had expected it to rise 20%. Rising costs pinched the bottom line and production has been dropping. Credit Suisse called it "the worst set of data ever seen" from PBR. "It will take a long time to turn the Petrobras ship around."
Comments (1)
  • Aristiphones
    , contributor
    Comments (1327) | Send Message
     
    HUGE deal. Probably the first gale from Europe's implosion which is now accelerating. I expect more misses in the energy patch going forward as the Federal Government's bailout of the entire auto industry starts to impact gasoline consumption through dramatic increases in fuel economy.
    31 Oct 2012, 02:58 PM Reply Like
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