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- ADRs of oil and gas explorer YPF, bank BBVA and Latin America-focused wireless firm NII Holdings (NASDAQ:NIHD) fell sharply today in reaction to a setback for Argentina's defaulted bonds which sent the country's markets reeling, taking select U.S.-listed stocks lower.
- The U.S. Supreme Court today left intact rulings that may force Argentina to pay billions of dollars to holders of repudiated bonds, rejecting an appeal in a case that has blocked the country from international debt markets for more than a decade and could prompt the government to default for a second time in 13 years.
- YPF -11.9%, BBVA -0.8%, NIHD -11.3%, END -14.5%, TGS -10.6%, PZE -8.3%, GGAL -8.1%, PAM -6.6%, APSA -4.2%, NTL -3.3%.
- ETF: ARGT
Aug. 13, 2013, 12:49 PM
- Shares of Telecom Argentina (TEO +8.1%) are up sharply, even though no news has hit the wires.
- 54.7% of TEO shares are owned by Nortel Inversora (NTL +7.6%), itself 68% owned by Telecom Italia (TI) and 32% owned by the Werthein Group. (20-F)
- One possible reason for today's jump is the potential of a sale by Telecom Italia of its 37.2% indirect stake in TEO, as the Italian giant contends with the threat of a credit downgrade. The beleaguered telco recently ruled out floating a stock offering as a means to pare its onerous €28.8B net debt load, and has nixed a number of other strategic alternatives.
Oct. 30, 2008, 8:26 AMEarly premarket gainers: OI +25%. BRCD +20% FDRY +195. DB +18%. CEO +155. FSLR +15%. CS +14%. MYL +13%. NTL +13%. STD +12%. ING +12%. SOLF +12%. VIP +11%. MTG +14%. CSIQ +12%. TSL +11%. PTR +11%. ACH +11%. STP +10%. MT +10%. HBC +10%. CHL +9%. LDK +9%. DAL +9%. RTP +9%. YGE +9%. BCS +9%. ENR +9%. DRYS +8%. | Oct. 30, 2008, 8:26 AM | Comment!
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Nortel Inversora SA is a holding company. The Company through its subsidiaries provides fixed-line public telecommunication services, international long-distance service, data transmission and Internet services.
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