• Wed, Jan. 11, 3:46 PM
    • The central bank slashed its benchmark rate a full 75 basis points to 13% vs. expectations of just a 50 point move.
    • Down earlier, the Bovespa is now higher by 0.5%.
    • The iShares MSCI Brazil Index ETF (NYSEARCA:EWZ) was also lower earlier, but now up 1.65%.
    • Vale (VALE +3.5%), Petrobras (PBR +3.5%), Banco Bradesco (BBD +3%), Itau Unibanco (ITUB +1.9%), Banco Santander Brasil (BSBR +1.9%), Gol Linhas (GOL +3.6%)
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    Wed, Jan. 11, 3:46 PM | 13 Comments
  • Tue, Jan. 3, 1:04 PM
    • By sector, the list is dominated by commodity producers. By country the list is dominated by commodity producer Brazil, whose previously roughed-up Bovespa roared higher in 2016.
    • Russia's Mechel (NYSE:MTL) gained 267%, Brazil's Co. Siderurgica National (NYSE:SID) +242%, Brazil's Gerdau (NYSE:GGB) +178%, Peru's Co. de Minas Buenaventura (NYSE:BVN) +175%, Glencore (OTCPK:GLNCY) +164%, Petrobas (NYSE:PBR) +153%, Brazil's GOL Linhas Aereas (NYSE:GOL) +152%, Vale (NYSE:VALE) +140%, Banco Santander Brasil (NYSE:BSBR) +139%, India's Vedanta (NYSE:VEDL) +129%, Sberbank Russia (OTCPK:SBRCY) +118%, Brazil's Cosan Limited (NYSE:CZZ) +115%, Brazil's CPFL Energia (NYSE:CPL) +115%, Weibo (NASDAQ:WB) +113%.
    Tue, Jan. 3, 1:04 PM | 19 Comments
  • Dec. 13, 2016, 2:38 PM
    • Gol Linhas (GOL +3.3%) trades higher after reporting a huge improvement in load factor for November.
    • Load factor improved 460 bps to 77.8% after revenue miles outpaced capacity growth (domestic ASKs -5%, international ASKs -17%) during the month.
    • Shares of Gol Linhas are up 3.41% to $13.63 vs. a 52-week trading range of $2.43 to $27.08.
    Dec. 13, 2016, 2:38 PM | 1 Comment
  • Dec. 8, 2016, 7:38 AM
    Dec. 8, 2016, 7:38 AM | 4 Comments
  • Nov. 10, 2016, 12:43 PM
    Nov. 10, 2016, 12:43 PM | 9 Comments
  • Nov. 7, 2016, 12:36 PM
    • Wolfe Research analyst Hunter Keay isn't worried that higher oil prices in the future will be a negative for airline companies.
    • He thinks the impact of capacity discipline is more important than the bottom line of a lower fuel spend. Keay's analysis is below.
    • "Multiples drive about 70 percent of the movement in stock prices. And multiples are dictated by the perception of pricing power, and pricing power is dictated by capacity control. Excess capacity drives pricing down... It’s not about profits, it’s about how they make the profits, about pricing power. Capacity discipline and fundamental behaviors are far more important than the amount of money they earn."
    • Oil prices are up 0.7% on the day, but have dropped sharply over the last month.
    • Airline stocks: AAL, UAL, DAL, RYAAY, OTCPK:CPCAY, OTCPK:SINGY, CEA, ZNH, CPA, GOL, LFL, OTCQX:DLAKF, OTCPK:QUBSF, ALK, HA, OTCPK:AIRYY, OTC:MLYAF, OTCPK:AFLYY, VLRS, LUV, OTC:RYAOF, VA, LFL, SAVE, ALGT, CEA, OTC:EJTTF, OTCQX:ESYJY, AVH, OTC:AFRAF, OTCPK:ICAGY.
    • Airline ETF: JETS.
    Nov. 7, 2016, 12:36 PM | 17 Comments
  • Nov. 7, 2016, 10:16 AM
    • Gol Linhas (NYSE:GOL) trades higher after the company swung to a profit in Q3 as cost-cutting measures and efficient capacity management factored in.
    • Operating margin jumped to over 10% during the quarter.
    • The airline company ended the quarter with a adjusted gross debt to EBITDAR ratio of 7.2X vs. 8.4X in Q2.
    Nov. 7, 2016, 10:16 AM
  • Nov. 7, 2016, 6:10 AM
    Nov. 7, 2016, 6:10 AM
  • Oct. 28, 2016, 10:13 AM
    Oct. 28, 2016, 10:13 AM | 1 Comment
  • Oct. 17, 2016, 9:19 AM
    • Gol Linhas (NYSE:GOL) reports the number of departures in September fell 18.9%. The number of seats for the month were down 18.3%.
    • September domestic load factor +180 bps to 78.3%. The load factor for international flights was 74.3%.
    Oct. 17, 2016, 9:19 AM
  • Oct. 11, 2016, 9:42 AM
    • GOL Linhas Aereas Inteligentes (GOL -1.6%) announces a new codeshare and frequent flyer program partnership with Emirates.
    • The company says the partnership is expected to come into effect in late October or early November.
    • "We're pleased to be enhancing our partnership with GOL and believe our new codeshare will bring enhanced connectivity and a fully integrated loyalty program within Brazil initially , and at a later stage, throughout South America and the Caribbean,"  says Gol exec Hubert Frach.
    • Source: Press Release
    Oct. 11, 2016, 9:42 AM
  • Sep. 22, 2016, 9:55 AM
    • Shares of Gol Linhas (NYSE:GOL) are up 8.57% as they continue their volatile trading ways.
    • SA contributor Bram de Haas noted earlier this year that an investment long or short in Gol Linhas is a bet on the USD/Real exchange rate.
    • Brazilian Real 1-year chart vs GOL's chart
    Sep. 22, 2016, 9:55 AM
  • Aug. 16, 2016, 12:02 AM
    • GOL Linhas (NYSE:GOL): Q2 net income of R$309.5M
    • Revenue of R$2.09B (-1.9% Y/Y).
    • Shares +0.3%.
    • Press Release
    Aug. 16, 2016, 12:02 AM
  • Aug. 12, 2016, 11:40 AM
    • Gol Linhas (GOL +5.7%) announces seat capacity fell 22% Y/Y in July.
    • The number of departures during the month fell 22.3%.
    • Demand in the international market was down 18%.
    • The carrier's domestic load factor was flat Y/Y at 84.3%, while the international market load factor declined 110 bps to 75.4%.
    • Gol Linhas went down a path of drastically cutting capacity earlier this year in an effort to stem losses.
    • Source: Press Release
    Aug. 12, 2016, 11:40 AM
  • Jul. 19, 2016, 11:17 AM
    • Gol Linhas (NYSE:GOL) reports total volume of departures decreased 19.7% in June and 21% in Q2.
    • Capacity dropped 19.2% during the month and 20.8% in the quarter.
    • Domestic supply squeezed by 5.2% in June and 8.9% in Q2.
    • Domestic demand declined 6.6% in June leading to a load factor of 76.1%.
    • For the quarter, domestic demand fell 11.2% with a load factor of 76%.
    • International demand decreased 11.6% in June and 10.6% for the quarter.
    • International load factor of 66.3% for the month and and 69.3% for the quarter.
    Jul. 19, 2016, 11:17 AM | 2 Comments
  • Jul. 12, 2016, 12:46 PM
    Jul. 12, 2016, 12:46 PM | 3 Comments