Thu, May 7, 4:15 AM
Fri, Mar. 27, 12:45 PM
Tue, Mar. 24, 2:24 PM
- Nearly 60% of Brazilians favor impeaching Pres. Rousseff, and nearly 70% believe she is responsible for the alleged kickback scheme at Petrobras (PBR +0.5%), according to a poll released yesterday.
- In the U.S., a 40% approval rating is considered dangerously low; in Brazil today, Rousseff's approval is at 10.8%, highlighting the potential for impeachment.
- Among other Brazilian companies today: VALE -3.9%, GGB -2.9%, ITUB -0.3%, OIBR -3%, SBS -3%, FBR +0.4%, GFA +3.3%.
- ETFs: EWZ, BRF, BRXX, EWZS, BRZU, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
Wed, Mar. 4, 8:27 AM
Wed, Jan. 7, 9:20 AM
Tue, Jan. 6, 9:07 AM
Dec. 12, 2014, 5:39 PM
Nov. 5, 2014, 9:15 AM
Sep. 15, 2014, 8:49 AM
- Nucor (NYSE:NUE) agrees to acquire the Gallatin Steel business from ArcelorMittal (NYSE:MT) and Gerdau (NYSE:GGB) for ~$770M.
- NUE says adding the Gallatin flat-rolled products mill in Kentucky, with an annual capacity of ~1.8M tons, will broaden its footprint in the U.S. midwest and will increase its total flat-rolled product annual capacity by 16% to ~13M tons.
- NUE expects the deal to be immediately accretive to cash flow and accretive to earnings after working through purchase accounting-valued finished goods inventories.
- MT and GGB each owned 50% interests in Gallatin.
- NUE +0.9%, MT -0.5% premarket.
Aug. 1, 2014, 11:22 AM
- Morgan Stanley removes Petrobras (PBR -1.4%) from its newest focus list of 10 high-conviction stocks in Latin America, believing the market has priced in too much optimism for political change.
- The firm says its recent survey suggests both the stock and the Bovespa index are pricing in a 52% chance of macro policy change, so the risk/reward of the stock is similar to the market benchmark - i.e., no relative performance leverage to the upside.
- Stocks on the list include Gerdau (NYSE:GGB),Grupo Televisa (NYSE:TV), Ambev (NYSE:ABEV), Embraer (NYSE:ERJ), Cemex (NYSE:CX) and Copa Holdings (NYSE:CPA).
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
Mar. 18, 2014, 3:21 PM
- Steel stocks are higher despite Nucor's (NUE +0.8%) disappointing guidance, which apparently was more than offset by price increases at ArcelorMittal (MT +1.3%) as mills try to stem the downtrend in prices during the past two months.
- Nomura lowers its Q1 earnings estimates for steel stocks ahead of mid-quarter updates from NUE, mini-mill peer Steel Dynamics (STLD +1.5%) and AK Steel (AKS +6%), which are expected within the coming week, but the firm continues to positively view stock performance in the sector going forward.
- Also: X +5.3%, TX +3.1%, SCHN +2.4%, CMC +2.1%, GGB +1.8%, RS +1.8%.
Oct. 31, 2013, 3:43 PM
- Steelmaker Gerdau's (GGB +2.1%) Q3 profit beat expectations, as rising sales volumes and cost controls in Brazil offset declining margins in North America, Europe and India.
- Q3 net income rose ~60% Y/Y to 642M Brazilian reais ($293M), but rising costs in GGB's North American unit, start-up problems at a new mill in India, and a weaker Brazilian real sparked a jump in financial expenses.
- J.P. Morgan says the Brazil business unit was the main driver of performance: An 8% rise in volumes Q/Q and a 6% drop in production costs caused a 31% surge in EBITDA for the Brazil unit.
Aug. 19, 2013, 12:42 PM
- Brazilian steelmaker Gerdau (GGB +4%) posts a strong advance after HSBC upgrades shares to Overweight from Neutral with a price target of 19 Brazilian real, up 35% from its previous target.
- Currency depreciation is not the only reason HSBC changed its rating; the firm's channel checks show GGB is increasing prices for some of its long steel products in August.
- Brazilian peer SID +5.3%.
May 31, 2013, 3:49 PMSeveral Brazilian stocks hit 52-week lows in U.S. trading, as investors look to an early exit of stimulus measures by the country's central bank, which intervened to stabilize the real. VALE -4.8%, SID -4.8%, GGB -4.8%. Petrobras (PBR -2.5%) also moves lower as it reports April production of 2.55M boe/day, up more than 2% from March but flat vs. the prior year. | 5 Comments
May 30, 2013, 11:47 AMPrices of iron ore hit a seven-month low today, and are down 30% since hitting a year high in February, as prices get hit by a demand slowdown in China and a glut of supply. Analysts are predicting more declines, with Westpac projecting iron ore prices to drop to as low as $85 a ton by the end of September. Liberum Capital notes that its channel checks show the price may fall below $90 a ton. "The market is flush with product at the moment," says RBS Morgans resources analyst James Wilson. "Pricing power has switched from the iron-ore miners to the steel mills." | 7 Comments
GGB vs. ETF Alternatives
Gerdau SA is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, among others.
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