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

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

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."