Yesterday, 12:34 PM
- Brazil stocks are sharply lower after Eletrobras (EBR -4.5%), the country’s largest utility by revenue, was cut to junk by Moody’s.
- While EBR showed “some financial improvement” in its Q1 earnings, its credit metrics remain too weak to remain at investment grade, Moody’s said, also citing an investigation on alleged bribes involving the former head of a subsidiary.
- Meanwhile, Pres. Rousseff is trying to salvage her presidency as things go from bad to worse amid the Petrobras (PBR -3.8%) corruption scandal, with a new poll finding that 63% of Brazilians favor impeachment proceedings.
- Brazilian opposition lawmakers are considering impeachment, either as an accessory to the corruption or for crimes of “irresponsibility” with finances.
- Also: PBR.A -3.8%, EBR.B -6.6%, VALE -0.2%, ELP -1.2%, CIG -3.3%, CPL -2%, SBS -4.7%, BSBR -2.7%, BBD -2.6%, ITUB -2.3%.
- ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
Wed, May 13, 12:45 PM
Wed, Apr. 1, 2:25 PM
- Petrobras (PBR +7%) and other Brazilian stocks post strong gains in reaction to Pres. Rousseff's declaration that her government will do whatever it takes for the country to meet its fiscal target this year.
- Rousseff says PBR may release its audited results by the end of the month, and issues a strong denial that she knew about the bribery that has shaken the company she chaired during 2003-10.
- Also: PBR.A +6.5%, EBR +6.6% EBR.B +9%, ELP +6%, CIG +4.9%, CPL +3%, SBS +4.9%, BSBR +5%, BBD +4.5%, ITUB +3.9%; however, with continued negative headlines on iron ore prices, VALE -1.9%.
- ETFs: EWZ, BRF, BRXX, EWZS, BRZU, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
Dec. 11, 2014, 9:42 AM
- Brazil's government is working on a plan to help Petrobras (PBR -4.7%) borrow money in capital markets to help finance exploration and operational activities during next year, the mining and energy minister says.
- The plan would involve the Brazilian government guaranteeing a debt issuance by PBR backed by 9B reais ($3.4B) in debt that state-controlled power utility Eletrobras (NYSE:EBR) owes the oil company, according to the minister.
- Bankers say PBR risks being temporarily left out of capital markets as the widening corruption probe makes it harder for the company to raise cash in debt and equity markets.
Oct. 27, 2014, 12:49 PM
Oct. 27, 2014, 10:31 AM
- It's an ugly open for Petrobras (PBR -14.2%) following Pres. Rousseff's re-election as Brazil's president, as hopes are dashed for a regime change that might have helped investor confidence in the country and the company.
- Rousseff's victory "was not totally priced in yet," Loomis Sayles analyst Bianca Taylor says, adding that she expects a slump in Brazil assets as a whole in the next few days.
- PBR and state-controlled utility Centrais Eletricas Brasileiras (EBR -12.3%) were the two worst performing stocks in the 834-member MSCI Emerging Markets Index this morning.
- Also: VALE -5.9%, ITUB -6.5%, BBD -8.1%, GOL -7.6%.
- Brazil ETFs: EWZ -6.7%, BRF, BRXX, EWZS, BRZU, BRAQ, BZQ, BRAZ, BRAF, UBR, BRZS, DBBR, FBZ
Oct. 27, 2014, 9:13 AM| 1 Comment
Oct. 21, 2014, 9:14 AM
Jun. 6, 2014, 3:59 PM
- Petrobras (PBR +7.6%) leads Brazilian stocks higher as support for Pres. Rousseff continues to shrink according to a new opinion poll.
- Brazil's real rose for a third straight day in the longest stretch of increases in almost a month, as speculation grows that Rousseff will face a runoff after the October election.
- Other big Brazilian gainers: EDN +7.6%, EBR +6.6%, BBD +4.9%, ITUB +4.2%, CIG +3.6%, VALE +2.7%, BSBR +2%, ELP +1.4%.
Apr. 9, 2014, 12:45 PM
Mar. 27, 2014, 2:39 PM
- What S&P downgrade? Brazil equities so far have shrugged it off and are extending gains today, apparently driven by a new poll that shows Pres. Rousseff‘s approval rating fell for the first time since street protests last year and raising the prospect of a change in government later this year.
- "There is so much uncertainty in the region with a lot of election or political clout that the market is not discriminating between good and bad companies," says a portfolio manager for the JPMorgan Latin America Fund.
- PBR +8.1%, EBR +6.7%, SID +6.2%, GGB +4.1%, BDORY +8.3%.
- ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRAZ, BZQ, BRZU, BRAF, UBR, BRZS, DBBR, FBZ
Feb. 18, 2014, 9:13 AM
Jun. 7, 2013, 12:33 PMPetrobras (PBR -2.5%) and Electrobras (EBR -4.3%) shares are weak after Standard & Poor's lowers its ratings outlook on both Brazilian companies to negative from stable while affirming its respective BBB and A- credit ratings. The outlook revision reflects its similar action on the outlook of Brazil's sovereign rating and the companies' close ties as government-related entities. | 2 Comments
Apr. 8, 2013, 5:00 PM
Mar. 28, 2013, 5:36 PM
Mar. 20, 2013, 10:43 AMCia. Energetica de Minas Gerais (CIG -12.2%) and shares of other Brazilian utilities are under pressure on expectations for Brazil's regulator to curb electricity rate increases Cemig had planned to put in place in April. Shares also were downgraded yesterday at Standpoint Research. Also: ELP -3.7%, CPL -3.4%, EBR -2.4%. | 1 Comment
EBR vs. ETF Alternatives
Centrais Eletricas Brasileiras SA, along with its subsidiaries, is engaged in generation, transmission and distribution of electricity in Brazil. It operates in three segments namely generation, transmission and distribution segment.
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