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Mon, Oct. 27, 12:49 PM
Mon, Oct. 27, 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
Mon, Oct. 27, 9:13 AM| 1 Comment
Tue, Oct. 21, 9:14 AM
Tue, Jul. 29, 11:19 AM
- Brazil’s equity market has soared since mid-March, when the buzz first began that Pres. Rousseff might lose in the October elections; the iShares MSCI Brazil Capped ETF (NYSEARCA:EWZ) has jumped ~30% since then and has gained 16% YTD.
- Part of the rally is propelled by optimism that the state-owned sector, including Petrobras (NYSE:PBR) and Electrobras (NYSE:EBR) will operate better with a new, more pro-business government; iron ore producer Vale (NYSE:VALE), whose fate is tied to China, is the only high-profile underperformer, not even breaking even this year.
- But strategist Geoff Dennis is skeptical of the Brazilian rally, and thinks it's time to sell; the new government is not likely to have a big mandate, the election is too close to call at present, and Brazil is no longer cheap, trading at 11.2x forward earnings a 33% premium to its recent average of 8.5x.
Fri, Jun. 6, 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%.
Thu, Apr. 10, 5:58 PM
- Top Brazilian power company Eletrobras (EBR) won't run out of money this year or next but may need more capital further down the line, CEO Jose Costa tells WSJ.
- Prices for the power EBR sells dropped dramatically in 2012 when it renewed its concession contracts for another 30 years; as a result, EBR reported a loss of 6.3B Brazilian reais last year, raising doubts about its ability to carry out its plan to spend ~60B reais over the next four years without fresh capital.
- Power rationing won't be needed, Costa says, but price increases need to take effect immediately so they have an impact on consumption.
Wed, Apr. 9, 12:45 PM
Thu, Mar. 27, 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
Tue, Feb. 18, 9:13 AM
Aug. 15, 2013, 2:49 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
Jan. 22, 2013, 9:10 AM
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