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PBR-A

PBR-A US Stock
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  • Army General Running Petrobras Will Learn About Oil on the Job

    (Bloomberg) -- Neither the incoming nor the outgoing CEO of state-controlled oil giant Petroleo Brasileiro SA is an oil man. Neither in fact had ever worked a day in the industry before being nominated to the job.But that’s where the similarities between Joaquim Silva e Luna and Roberto Castello Branco end.Whereas Branco is a University of Chicago-trained economist who’s spent his career pushing for free-market reforms inside and outside the Brazilian government, Luna is a career military man who cut his teeth building highways in the Amazon and whose greatest qualification for the job, as critics see it, is his respect for hierarchy and discipline -- important traits in the administration of Jair Bolsonaro, a former Army officer himself.Branco, a close ally of the embattled economy minister, Paulo Guedes, had pushed hard to prevent a return to the kinds of domestic fuel subsidies that saddled Petrobras with billions of dollars of losses in the past -- and was fired for it. Luna, meanwhile, has made comments since his appointment several days ago indicating that he shares Bolsonaro’s concerns that Brazilians need to be protected from rising prices. (In an interview, he said Bolsonaro has agreed not to interfere.)This is the most immediate concern that unnerved investors, who dumped Petrobras shares along with almost everything else in Brazil on Monday. The 22% rout was the stock’s second-worst day ever.Petrobras Craters, Real Falls in Brazil’s Worst Rout in MonthsThe broader concern is that a Luna-led Petrobras could come to resemble a branch of the government, subject to political meddling that could erode its finances. This is an age-old concern that waxes and wanes in Brazil, but it’s one that feels particularly acute to investors today, given how Bolsonaro’s administration has taken a markedly populist approach to policy of late in a bid to appease the millions of Brazilians who have been hit hard by the pandemic.“My relationship with the president will be as it always has, of respect, consideration and care,” Luna said in the interview Wednesday. “Petrobras is the most strategic and emblematic company in Brazil. Bolsonaro is the president of Brazil. There is nothing more legitimate than for him to watch and cheer for its victories.”Even more unsettling to some Brazil experts is that Luna’s military background could make him inclined to undertake the kind of nation-building initiatives that Branco was moving away from -- money-losing refineries in underpopulated regions, fertilizer factories, power plants.“Priorities will be set in consensus with the other directors and the board, but always thinking in what’s good for the company,” Luna said. “Without forgetting about investors, consumers and the Brazilian population.”Luna, an engineer by training who rose to the rank of four-star general, managed several national projects, including the construction of a mega-highway through the Amazon that began in the 1980s and took two decades to complete. And at Itaipu, a hydroelectric dam that he’s run for the government since 2019, he oversaw the building of a major bridge, a highway and an airport expansion, having cobbled together the money to pay for them by reining in spending elsewhere.“There is a risk to have an even more nationalistic approach,” said Marcelo de Assis, the head of Latin American upstream research at Wood Mackenzie Ltd. “It’s not a good signal to place a general when a pro-market guy is being sidelined.”‘The Oil Is Ours’Bolsonaro and Branco got into an increasingly public spat over rising fuel prices that reached a boiling point when the Petrobras executive said he didn’t care about complaints from truck drivers, a key Bolsonaro constituency. This week, Bolsonaro said that Luna would “fix things up” at Petrobras and told Brazilians that “the oil is ours” -- a nod to the nationalistic campaign that was launched around the time when the company was created in the 1950s.Luna, on the other hand, was part of a team who was called on to disband a trucker’s strike that paralyzed Brazil in 2018, when he served as defense minister -- contacts that could help to control a possible crisis ahead.“Bolsonaro demands total obedience, which is something the military is culturally willing to accept,” said Octavio Amorim Neto, a professor at the Brazilian School of Public and Business Administration at the Getulio Vargas Foundation in Rio de Janeiro, who specializes in civil-military relations. “Appointing a general to lead Petrobras allows Bolsonaro to please two of his main core support bases: the military and the truckers.”On Tuesday, Petrobras’s board came out in favor of market-based fuel rates and and said Branco will keep his job until his term ends on March 20.The impact of the abrupt management shift atop Petrobras is already being felt. Some of the multinationals interested in buying the company’s refineries and pipelines are getting nervous and could pull out if Luna follows through on interventionist policies like price fixing, said a person involved in the company’s divestment program.Luna said the refining industry is open to outside investment. But if the fuel price uncertainty grinds these sales to a halt, it means less money to develop giant discoveries in the Atlantic that can take half a decade to get running. The oil majors who partner with Petrobras could see delays in their own growth plans.The challenge for Luna is to continue expanding Brazilian oil output in deep waters of the Atlantic at costs that can withstand price downswings. For the past five years Petrobras’s management has been focused on slashing expenditures and investing mainly in its most profitable fields in the so-called pre-salt region that brought production to a record last year.“We can’t forget the basics. Petrobras is the company with the most know how and has leadership in deep water-exploration, where the pre-salt reserves are located,” Luna said. “We can’t pull back from exploring.”His most recent experience running Itaipu, which was built in the previous century and doesn’t require major capital investments to maintain production, gives him little experience for the challenges he will face at Petrobras, said Assis. These challenges include executing an enormous business plan and tapping capital markets and infrastructure investors to help finance it.“From the view from the oil industry, the first challenge is he has no background,” he said. “It’s a problem because it is a market with a lot of volatility.”(Updates with quote from professor in 14th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • UPDATE 2-Petrobras profit boosted as company turns more bullish on crude

    Brazilian state-run oil firm Petrobras reported a fourth-quarter net income of 59.9 billion reais ($11.1 billion) on Wednesday, a significant boost in annual and quarterly terms, due largely to the reversal of 31 billion reais in impairments. The decision to reverse a large part of an $11 billion impairment taken in May indicates that the company has significantly changed its underlying assumptions about the long-term price of crude, which is itself key for investment decisions in exploration and production. Petroleo Brasileiro SA, as the company is formally known, did not divulge details of its new pricing assumptions.

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  • UPDATE 1-Brazil's Bolsonaro backs Economy Minister Guedes, an 'anchor' in his government

    Brazilian President Jair Bolsonaro said on Wednesday that Economy Minister Paulo Guedes is an "anchor" in his government, seeking to quash speculation of a deepening division between the two after he moved last week to oust the chief executive of state-run oil giant Petrobras. Guedes, a Chicago-school trained economist and fervent free-market supporter, has not commented on Bolsonaro's intervention at the top of Petrobras, which unnerved investors and sparked a huge selloff across Brazil's financial markets on Monday. "Paulo Guedes is an anchor for our government," Bolsonaro said at a ceremony in Brasilia marking the signing into law of central bank autonomy.

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  • Brazil govt intervention in Petrobras threatens privatization, growth prospects -Moody's

    Brazilian President Jair Bolsonaro's decision to replace the head of state-run oil giant Petrobras threatens the government's privatization program and potentially the economy's medium-term growth prospects, ratings agency Moody's warned on Wednesday. Bolsonaro's shock move after a spat with the outgoing chief executive over fuel price hikes prompted investors to dump Brazil's currency and stocks, while pushing up interest rates.

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  • Bolsonaro’s Petrobras Pick Seeks Investment, Less Volatility

    (Bloomberg) -- Petroleo Brasileiro SA’s incoming chief executive officer wants to continue opening the refining industry to outside investment and will avoid losses on fuel prices.Joaquim Silva e Luna, a former defense minister who President Jair Bolsonaro abruptly named to lead the state-controlled oil company last week, said in an interview that he’ll work with the board to understand how it prices fuel, while adding that there should be less volatility and more “predictability” and “transparency” for consumers.Petrobras will continue to focus on its most profitable oil fields in the so-called pre-salt region in deep waters, Silva e Luna said Wednesday in e-mailed response to questions. Brazil’s pre-salt has some of the most productive oil wells anywhere and Petrobras has been directing an increasingly large share of its business plan to develop them.“We can’t forget the basics. Petrobras is the company with the most know how and has leadership in deep water-exploration, where the pre-salt reserves are located,” he said. “We can’t pull back from exploring.”Petrobras shares extended gains after his comments and were up 2.5% to 24.66 reais as of 2:08 p.m. in Sao Paulo. The stock tanked 22% Monday as investors worried Silva e Luna’s appointment signaled government interference at the company. Brazil Markets Tumble as Bolsonaro Pivots to Interventionism CEO Roberto Castello Branco, who has publicly clashed with the president over the scale of recent price increases, will keep his job until his term ends on March 20, Petrobras said in a statement Tuesday. Silva e Luna said he respects Castello Branco and hopes to meet with him and current management for an orderly transition.“I believe that there are opportunities to attract companies interested in refining our oil,” Luna said.Rising oil prices have been a mixed blessing for Petrobras historically because it has come under pressure from both business- and labor-friendly administrations to suppress fuel costs. Truckers, who brought the economy to a halt during a strike in 2018 and are part of Bolsonaro’s political base, have been complaining about rising diesel prices and threatening to strike, prompting the president to publicly criticize what he called excessive increases.“There are things we practically have no power to change, like the exchange rate and the international price of oil, that will strongly impact fuel prices and affect the pockets of consumers,” he said. “We will look for other ways, like I say, always in in consensus with the other directors and the board, taking measures together, to see what is possible to do, without suffering losses.”(Adds shares, other comments from Luna starting on fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Let's Take A Look At This Weeks Top-Performing Sectors

    Experienced investors will often try investing in a variety of different sectors on the stock market in order to minimize the risks associated with each industry. It's important to pay close attention to the top performing stocks in each stock market sector. The Energy Mineral Sector is the top-performing sector this week and is home to some of the highest-yielding stocks on the market. 1. The Energy Minerals Sector- Up 26.70% Over 3 Months The Energy Minerals Sector consists of companies that produce or supply energy to businesses and homes throughout the country. These companies usually specialize in the exploration, marketing, and production of energy, oil, and gas. Petroleo Brasileiro (NYSE: PBRA) is up 12.66% this week. Petroleo Brasileiro is a petroleum industry company that is headquartered in Rio de Janeiro, Brazil. Shares in Petroleo Brasileiro rebounded on Tuesday after the stock plunged by 20% following a CEO change. 2. Consumer Durables - Up 20.88% Over 3 Months The consumer durables industry can be classified into two segments: Consumer Electronics and Consumer Appliances. This sector typically includes products that have a longer life and don't often need to be purchased frequently. L.S. Starrett Co (NYSE: SCX) is up 18.17% this week. L.S. Starrett Co manufactures tools and instruments for mechanists. They are a leading manufacturer of precision measuring tools, optical comparators, and vision systems. L.S. Starrett Co is headquartered in Athol, MA U.S.A and was founded in 1880. L.S. Starrett has a market capitalization of $50.73 million and generates $201.45 million in revenue each year. 3. The Commercial Services Sector- Up 16.85% Over 3 Months The Commercial Services Sector includes companies that specialize in commercial printing, financial publishing, advertising services, and personnel services. This sector is essential to businesses that are in need of printing and commercial services. Thomas Reuters Corp (NYSE: TRI) shot up 10.56% this week due to a rapid spike in its stock share volume. Thomas Reuters Corp is a media company that was founded in Ontario Canada. This company focuses on utilizing AI technologies to streamline searches, automate processes, and gain data-driven insights. 4. Technology Services Sector- Up 16.04% Over 3 Months The Technology Services Sector consists of companies that exist in the Information Technology industry and offer electronic goods and services. Snap Inc (NYSE: SNAP) is up 11.10% this week. Snap Inc is an American camera company that is based in Santa Monica, California. This company develops technological products and social media services such as Snapchat. 5. Electronic Technology Sector- Up 13.83% Over 3 Months The Electronic Technology Sector is rapidly growing due to increased consumer demand for new innovative electronics. eMargin Corp (NYSE: EMAN) shot up 7.75% this week. eMargin Corp manufactures and designs active-matrix Organic LED (AM-OLED) microdisplays on silicon. They are the leading US producer of OLED Microdisplays. If you are new to investing, be sure to research extensively and come up with a financial plan. (function (w, d, s, o, f, js, fjs) { w[o] = w[o] || function () { (w[o].q = w[o].q || []).push(arguments) }; js = d.createElement(s), fjs = d.getElementsByTagName(s)[0]; js.id = o; js.src = f; js.async = 1; fjs.parentNode.insertBefore(js, fjs); }(window, document, 'script', 'mw', 'https://match.investmentfirms.com/widget.js')); mw('init', { disableDarkMode: true, element: document.getElementById('ELEMENT_ID'), mediapartner: "benzinga" }); See more from BenzingaClick here for options trades from BenzingaHow Much Would You Have Made If You Invested 00 In Walmart 10 Years Ago?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Brazil distributors scramble for diesel amid Petrobras shakeup

    Brazilian fuel distributors are scrambling to secure diesel supplies for March and April after state-run oil company Petrobras said it would not fully meet their demand, adding to uncertainty amid a sudden management shakeup. National oil industry regulator ANP confirmed to Reuters that distributors are searching for alternative diesel supplies after Petrobras turned down their orders, but the agency played down concerns of diesel shortages during a bumper soy harvest. Fuel importers association Abicom said domestic prices set by the state firm have lagged a rebound in global markets so much that importing is unprofitable.

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  • Earnings Scheduled For February 24, 2021

    Companies Reporting Before The Bell • Pinnacle West Capital (NYSE:PNW) is expected to report quarterly earnings at $0.04 per share on revenue of $715.74 million. • Itron (NASDAQ:ITRI) is projected to report quarterly earnings at $0.30 per share on revenue of $569.75 million. • BGC Partners (NASDAQ:BGCP) is expected to report quarterly earnings at $0.12 per share on revenue of $470.95 million. • Bausch Health Cos (NYSE:BHC) is projected to report quarterly earnings at $1.12 per share on revenue of $2.17 billion. • Cheniere Energy Partners, LP Cheniere Energy Partners, LP Common Units (AMEX:CQP) is expected to report quarterly earnings at $0.69 per share on revenue of $1.73 billion. • Casper Sleep (NYSE:CSPR) is expected to report quarterly loss at $0.35 per share on revenue of $138.15 million. • Caesarstone (NASDAQ:CSTE) is projected to report earnings for its fourth quarter. • China Yuchai Intl (NYSE:CYD) is projected to report earnings for its fourth quarter. • Elanco Animal Health (NYSE:ELAN) is estimated to report quarterly earnings at $0.09 per share on revenue of $1.06 billion. • Enable Midstream Partners (NYSE:ENBL) is projected to report quarterly earnings at $0.13 per share on revenue of $721.30 million. • Entercom Communications (NYSE:ETM) is projected to report quarterly earnings at $0.20 per share on revenue of $318.82 million. • Eaton Vance (NYSE:EV) is projected to report quarterly earnings at $0.87 per share on revenue of $457.56 million. • Exelon (NASDAQ:EXC) is projected to report quarterly earnings at $0.69 per share on revenue of $7.94 billion. • Gerdau (NYSE:GGB) is projected to report quarterly earnings at $0.17 per share on revenue of $2.34 billion. • Independence Contract (NYSE:ICD) is expected to report quarterly loss at $2.63 per share on revenue of $13.20 million. • Ionis Pharmaceuticals (NASDAQ:IONS) is expected to report quarterly earnings at $0.28 per share on revenue of $274.48 million. • Koppers Hldgs (NYSE:KOP) is expected to report quarterly earnings at $0.71 per share on revenue of $374.32 million. • LivaNova (NASDAQ:LIVN) is estimated to report quarterly earnings at $0.66 per share on revenue of $268.83 million. • Landmark Infrastructure (NASDAQ:LMRK) is projected to report quarterly earnings at $0.05 per share on revenue of $14.77 million. • Cheniere Energy, Inc. Common Stock (AMEX:LNG) is expected to report quarterly earnings at $0.70 per share on revenue of $2.69 billion. • Lloyds Banking Group (NYSE:LYG) is projected to report earnings for its fourth quarter. • NeoGenomics (NASDAQ:NEO) is projected to report quarterly earnings at $0.06 per share on revenue of $123.48 million. • ODP (NASDAQ:ODP) is estimated to report quarterly earnings at $0.94 per share on revenue of $2.27 billion. • Overstock.com (NASDAQ:OSTK) is expected to report quarterly earnings at $0.04 per share on revenue of $669.99 million. • Photronics (NASDAQ:PLAB) is likely to report quarterly earnings at $0.11 per share on revenue of $150.03 million. • Parsons Corp (NYSE:PSN) is expected to report quarterly earnings at $0.34 per share on revenue of $1.04 billion. • Repligen (NASDAQ:RGEN) is likely to report quarterly earnings at $0.31 per share on revenue of $93.88 million. • Six Flags Entertainment (NYSE:SIX) is expected to report quarterly loss at $0.89 per share on revenue of $86.59 million. • TC Pipelines (NYSE:TCP) is projected to report quarterly earnings at $1.01 per share on revenue of $148.94 million. • Tenneco (NYSE:TEN) is expected to report quarterly earnings at $1.01 per share on revenue of $4.30 billion. • Trinity Industries (NYSE:TRN) is estimated to report quarterly loss at $0.04 per share on revenue of $398.14 million. • ViacomCBS (NASDAQ:VIAC) is projected to report quarterly earnings at $1.02 per share on revenue of $6.88 billion. • Xtant Medical Holdings, Inc. Common Stock (AMEX:XTNT) is expected to report earnings for its fourth quarter. • CSI Compressco (NASDAQ:CCLP) is estimated to report quarterly loss at $0.31 per share on revenue of $72.88 million. • Kura Oncology (NASDAQ:KURA) is likely to report earnings for its fourth quarter. • Sinclair Broadcast Group (NASDAQ:SBGI) is expected to report quarterly earnings at $5.01 per share on revenue of $1.51 billion. • Avista (NYSE:AVA) is projected to report quarterly earnings at $0.79 per share on revenue of $420.76 million. • Clean Harbors (NYSE:CLH) is projected to report quarterly earnings at $0.39 per share on revenue of $801.44 million. • Constellation (NASDAQ:CNST) is expected to report earnings for its fourth quarter. • Hycroft Mining Holding (NASDAQ:HYMC) is expected to report quarterly loss at $0.56 per share on revenue of $11.50 million. • Horizon Therapeutics (NASDAQ:HZNP) is expected to report quarterly earnings at $1.05 per share on revenue of $690.03 million. • Installed Building Prods (NYSE:IBP) is projected to report quarterly earnings at $1.23 per share on revenue of $446.40 million. • ORBCOMM (NASDAQ:ORBC) is expected to report quarterly loss at $0.07 per share on revenue of $61.93 million. • PGT Innovations (NYSE:PGTI) is likely to report quarterly earnings at $0.16 per share on revenue of $205.52 million. • Owens & Minor (NYSE:OMI) is estimated to report quarterly earnings at $0.85 per share on revenue of $2.16 billion. • Chatham Lodging (NYSE:CLDT) is likely to report quarterly loss at $0.45 per share on revenue of $33.71 million. • Crescent Point Energy (NYSE:CPG) is likely to report earnings for its fourth quarter. • Easterly Government Props (NYSE:DEA) is expected to report quarterly earnings at $0.07 per share on revenue of $63.74 million. • Entergy (NYSE:ETR) is estimated to report quarterly earnings at $0.66 per share on revenue of $2.80 billion. • HollyFrontier (NYSE:HFC) is projected to report quarterly loss at $0.71 per share on revenue of $2.46 billion. • Jumia Technologies (NYSE:JMIA) is likely to report quarterly loss at $0.47 per share on revenue of $50.83 million. • Sage Therapeutics (NASDAQ:SAGE) is projected to report quarterly loss at $0.35 per share on revenue of $55.34 million. • WEX (NYSE:WEX) is estimated to report quarterly earnings at $1.46 per share on revenue of $384.57 million. • (NYSE:WYND) is likely to report quarterly earnings at $0.60 per share on revenue of $643.89 million. • VEREIT (NYSE:VER) is likely to report quarterly earnings at $0.22 per share on revenue of $288.12 million. • Fresh Del Monte Produce (NYSE:FDP) is projected to report quarterly loss at $0.16 per share on revenue of $995.40 million. • GCP Applied Technologies (NYSE:GCP) is expected to report quarterly earnings at $0.23 per share on revenue of $234.30 million. • Global Net Lease (NYSE:GNL) is projected to report quarterly earnings at $0.04 per share on revenue of $84.56 million. • Iron Mountain (NYSE:IRM) is expected to report quarterly earnings at $0.31 per share on revenue of $1.04 billion. • Lowe's Companies (NYSE:LOW) is likely to report quarterly earnings at $1.19 per share on revenue of $19.24 billion. • National Energy Services (NASDAQ:NESR) is likely to report quarterly earnings at $0.14 per share on revenue of $212.96 million. • Royal Bank of Canada (NYSE:RY) is estimated to report quarterly earnings at $1.61 per share on revenue of $8.05 billion. • SiteOne Landscape Supply (NYSE:SITE) is expected to report quarterly loss at $0.07 per share on revenue of $608.56 million. • US Concrete (NASDAQ:USCR) is estimated to report quarterly earnings at $0.26 per share on revenue of $352.88 million. • United Therapeutics (NASDAQ:UTHR) is projected to report quarterly earnings at $3.14 per share on revenue of $361.07 million. • Vericel (NASDAQ:VCEL) is projected to report quarterly earnings at $0.20 per share on revenue of $45.00 million. • Venator Materials (NYSE:VNTR) is projected to report quarterly loss at $0.14 per share on revenue of $459.67 million. • Vertiv Holdings (NYSE:VRT) is projected to report quarterly earnings at $0.33 per share on revenue of $1.26 billion. Companies Reporting After The Bell • None (None:BTE) is likely to report earnings for its fourth quarter. • Cactus (NYSE:WHD) is estimated to report quarterly earnings at $0.06 per share on revenue of $68.23 million. • Hyster-Yale Materials (NYSE:HY) is likely to report earnings for its fourth quarter. • New Mountain Finance (NASDAQ:NMFC) is estimated to report quarterly earnings at $0.30 per share on revenue of $66.04 million. • UFP Industries (NASDAQ:UFPI) is likely to report quarterly earnings at $0.73 per share on revenue of $1.20 billion. • Ryerson Holding (NYSE:RYI) is projected to report quarterly earnings at $0.37 per share on revenue of $882.80 million. • Kraton (NYSE:KRA) is likely to report quarterly earnings at $0.14 per share on revenue of $357.96 million. • BanColombia (NYSE:CIB) is projected to report quarterly earnings at $0.17 per share on revenue of $1.12 billion. • Apache (NASDAQ:APA) is expected to report quarterly loss at $0.11 per share on revenue of $1.05 billion. • Masonite International (NYSE:DOOR) is likely to report quarterly earnings at $1.17 per share on revenue of $573.38 million. • Kaiser Aluminum (NASDAQ:KALU) is likely to report quarterly earnings at $0.28 per share on revenue of $261.03 million. • Global Cord Blood (NYSE:CO) is projected to report earnings for its third quarter. • Arcosa (NYSE:ACA) is expected to report quarterly earnings at $0.41 per share on revenue of $457.56 million. • Brookdale Senior Living (NYSE:BKD) is likely to report quarterly loss at $0.15 per share on revenue of $842.80 million. • Compass Diversified Hldgs (NYSE:CODI) is expected to report quarterly earnings at $0.37 per share on revenue of $429.29 million. • CytomX Therapeutics (NASDAQ:CTMX) is likely to report quarterly loss at $0.50 per share on revenue of $15.41 million. • Golden Star Resources, Ltd Common Stock (AMEX:GSS) is projected to report quarterly earnings at $0.15 per share on revenue of $79.00 million. • Icon (NASDAQ:ICLR) is projected to report quarterly earnings at $1.83 per share on revenue of $751.01 million. • Kennedy-Wilson Holdings (NYSE:KW) is estimated to report quarterly earnings at $0.07 per share on revenue of $111.92 million. • LSB Industries (NYSE:LXU) is expected to report quarterly loss at $0.89 per share on revenue of $79.93 million. • Pennant Group (NASDAQ:PNTG) is projected to report quarterly earnings at $0.20 per share on revenue of $100.41 million. • Perdoceo Education (NASDAQ:PRDO) is estimated to report quarterly earnings at $0.34 per share on revenue of $171.57 million. • Rent-A-Center (NASDAQ:RCII) is estimated to report quarterly earnings at $1.02 per share on revenue of $712.94 million. • Univar Solns (NYSE:UNVR) is likely to report quarterly earnings at $0.25 per share on revenue of $1.97 billion. • Vector Group (NYSE:VGR) is estimated to report quarterly earnings at $0.17 per share on revenue of $450.00 million. • Essential Utilities (NYSE:WTRG) is estimated to report quarterly earnings at $0.45 per share on revenue of $558.30 million. • Crescent Capital BDC (NASDAQ:CCAP) is expected to report quarterly earnings at $0.46 per share on revenue of $19.63 million. • Gladstone Land (NASDAQ:LAND) is expected to report quarterly loss at $0.02 per share on revenue of $14.65 million. • Maxar Technologies (NYSE:MAXR) is projected to report quarterly earnings at $1.06 per share on revenue of $560.30 million. • Ping Identity Holding (NYSE:PING) is estimated to report quarterly earnings at $0.09 per share on revenue of $68.82 million. • Palomar Hldgs (NASDAQ:PLMR) is expected to report earnings for its fourth quarter. • Vivint Smart Home (NYSE:VVNT) is expected to report quarterly loss at $0.45 per share on revenue of $327.12 million. • ACADIA Pharmaceuticals (NASDAQ:ACAD) is likely to report quarterly loss at $0.47 per share on revenue of $123.20 million. • Amedisys (NASDAQ:AMED) is expected to report quarterly earnings at $1.47 per share on revenue of $553.37 million. • CareDx (NASDAQ:CDNA) is estimated to report quarterly earnings at $0.02 per share on revenue of $55.51 million. • Colony Credit Real Estate (NYSE:CLNC) is likely to report quarterly earnings at $0.15 per share on revenue of $78.10 million. • Global Blood Therapeutics (NASDAQ:GBT) is projected to report quarterly loss at $0.94 per share on revenue of $39.03 million. • Warrior Met Coal (NYSE:HCC) is projected to report quarterly loss at $0.33 per share on revenue of $187.03 million. • New York Mortgage Trust (NASDAQ:NYMT) is likely to report quarterly earnings at $0.09 per share on revenue of $35.37 million. • Rocky Brands (NASDAQ:RCKY) is expected to report quarterly earnings at $0.82 per share on revenue of $80.10 million. • Tandem Diabetes Care (NASDAQ:TNDM) is expected to report quarterly earnings at $0.12 per share on revenue of $141.58 million. • Aurinia Pharmaceuticals (NASDAQ:AUPH) is projected to report quarterly loss at $0.14 per share on revenue of $40.00 thousand. • Fate Therapeutics (NASDAQ:FATE) is expected to report quarterly loss at $0.39 per share on revenue of $4.87 million. • Paratek Pharmaceuticals (NASDAQ:PRTK) is projected to report quarterly loss at $0.04 per share on revenue of $34.04 million. • Sangamo Therapeutics (NASDAQ:SGMO) is likely to report quarterly loss at $0.21 per share on revenue of $32.15 million. • Adaptive Biotechnologies (NASDAQ:ADPT) is likely to report quarterly loss at $0.29 per share on revenue of $26.90 million. • American Finance Trust (NASDAQ:AFIN) is projected to report earnings for its fourth quarter. • Alamos Gold (NYSE:AGI) is likely to report quarterly earnings at $0.05 per share on revenue of $167.43 million. • Ashford Hospitality Trust (NYSE:AHT) is projected to report quarterly loss at $12.60 per share on revenue of $94.53 million. • Alimera Sciences (NASDAQ:ALIM) is estimated to report quarterly loss at $0.04 per share on revenue of $13.43 million. • Altus Midstream (NASDAQ:ALTM) is projected to report quarterly earnings at $0.49 per share on revenue of $32.01 million. • AMERISAFE (NASDAQ:AMSF) is estimated to report quarterly earnings at $0.86 per share on revenue of $80.71 million. • American Software (NASDAQ:AMSWA) is projected to report quarterly earnings at $0.04 per share on revenue of $27.91 million. • Ansys (NASDAQ:ANSS) is likely to report quarterly earnings at $2.54 per share on revenue of $566.76 million. • America First Multifamily (NASDAQ:ATAX) is estimated to report earnings for its fourth quarter. • American Water Works Co (NYSE:AWK) is likely to report quarterly earnings at $0.80 per share on revenue of $975.00 million. • Bain Capital Specialty (NYSE:BCSF) is expected to report quarterly earnings at $0.33 per share on revenue of $47.31 million. • Bilibili (NASDAQ:BILI) is expected to report quarterly loss at $0.33 per share on revenue of $552.78 million. • Booking Holdings (NASDAQ:BKNG) is estimated to report quarterly loss at $4.28 per share on revenue of $1.18 billion. • Broadstone Net Lease (NYSE:BNL) is likely to report quarterly earnings at $0.13 per share on revenue of $81.30 million. • Cross Country Healthcare (NASDAQ:CCRN) is projected to report quarterly earnings at $0.09 per share on revenue of $196.42 million. • Churchill Downs (NASDAQ:CHDN) is estimated to report quarterly earnings at $0.27 per share on revenue of $271.99 million. • Coherus BioSciences (NASDAQ:CHRS) is projected to report quarterly earnings at $0.23 per share on revenue of $115.12 million. • PC Connection (NASDAQ:CNXN) is likely to report quarterly earnings at $0.62 per share on revenue of $651.27 million. • Callon Petroleum (NYSE:CPE) is expected to report quarterly earnings at $0.47 per share on revenue of $256.88 million. • Chesapeake Utilities (NYSE:CPK) is estimated to report quarterly earnings at $1.15 per share on revenue of $160.40 million. • CPS Technologies (NASDAQ:CPSH) is expected to report earnings for its fourth quarter. • Curtiss-Wright (NYSE:CW) is projected to report quarterly earnings at $2.33 per share on revenue of $669.05 million. • 3D Sys (NYSE:DDD) is projected to report quarterly earnings at $0.10 per share on revenue of $168.47 million. • Diversified Healthcare (NASDAQ:DHC) is estimated to report quarterly loss at $0.22 per share on revenue of $388.92 million. • Digimarc (NASDAQ:DMRC) is likely to report quarterly loss at $0.53 per share on revenue of $5.70 million. • Diamondrock Hospitality (NYSE:DRH) is projected to report quarterly loss at $0.32 per share on revenue of $59.05 million. • Dirtt Environmental Solns (NASDAQ:DRTT) is projected to report earnings for its fourth quarter. • Encore Capital Gr (NASDAQ:ECPG) is projected to report quarterly earnings at $2.13 per share on revenue of $375.25 million. • EPR Props (NYSE:EPR) is expected to report quarterly loss at $0.32 per share on revenue of $82.33 million. • Euroseas (NASDAQ:ESEA) is likely to report quarterly earnings at $0.03 per share on revenue of $11.36 million. • Element Solutions (NYSE:ESI) is likely to report quarterly earnings at $0.28 per share on revenue of $495.11 million. • Elastic (NYSE:ESTC) is estimated to report quarterly loss at $0.15 per share on revenue of $146.72 million. • Enviva Partners (NYSE:EVA) is likely to report quarterly earnings at $0.54 per share on revenue of $289.17 million. • Fidelity National Finl (NYSE:FNF) is estimated to report quarterly earnings at $1.32 per share on revenue of $2.86 billion. • Forterra (NASDAQ:FRTA) is expected to report quarterly earnings at $0.07 per share on revenue of $377.14 million. • TechnipFMC (NYSE:FTI) is likely to report quarterly earnings at $0.20 per share on revenue of $3.38 billion. • Five Star Senior Living (NASDAQ:FVE) is estimated to report quarterly earnings at $0.08 per share on revenue of $291.02 million. • Greif (NYSE:GEF) is projected to report quarterly earnings at $0.54 per share on revenue of $1.12 billion. • Guardant Health (NASDAQ:GH) is estimated to report quarterly loss at $0.57 per share on revenue of $76.73 million. • Genco Shipping & Trading (NYSE:GNK) is estimated to report quarterly earnings at $0.11 per share on revenue of $54.97 million. • Gold Resource Corporation Common Stock (AMEX:GORO) is projected to report earnings for its fourth quarter. • Grindrod Shipping Hldgs (NASDAQ:GRIN) is expected to report earnings for its fourth quarter. • Gran Tierra Energy Inc. Common Stock (AMEX:GTE) is likely to report earnings for its fourth quarter. • G1 Therapeutics (NASDAQ:GTHX) is projected to report quarterly loss at $0.87 per share on revenue of $4.06 million. • icad (NASDAQ:ICAD) is expected to report quarterly loss at $0.07 per share on revenue of $7.99 million. • Innovative Industrial (NYSE:IIPR) is projected to report quarterly earnings at $1.07 per share on revenue of $38.50 million. • Inogen (NASDAQ:INGN) is estimated to report quarterly loss at $0.26 per share on revenue of $69.07 million. • L Brands (NYSE:LB) is expected to report quarterly earnings at $2.90 per share on revenue of $4.86 billion. • Magnite (NASDAQ:MGNI) is expected to report quarterly earnings at $0.14 per share on revenue of $75.16 million. • Merit Medical Systems (NASDAQ:MMSI) is likely to report quarterly earnings at $0.43 per share on revenue of $250.45 million. • MannKind (NASDAQ:MNKD) is projected to report quarterly loss at $0.04 per share on revenue of $16.11 million. • Brigham Minerals (NYSE:MNRL) is estimated to report quarterly earnings at $0.06 per share on revenue of $23.89 million. • Sunnova Energy Intl (NYSE:NOVA) is estimated to report quarterly loss at $0.26 per share on revenue of $42.80 million. • NetApp (NASDAQ:NTAP) is estimated to report quarterly earnings at $1.01 per share on revenue of $1.43 billion. • Nutanix (NASDAQ:NTNX) is estimated to report quarterly loss at $0.48 per share on revenue of $326.95 million. • NVIDIA (NASDAQ:NVDA) is estimated to report quarterly earnings at $2.81 per share on revenue of $4.82 billion. • Nevro (NYSE:NVRO) is projected to report quarterly loss at $0.33 per share on revenue of $107.43 million. • Oasis Petroleum (NASDAQ:OAS) is expected to report quarterly loss at $0.05 per share on revenue of $295.77 million. • Oceaneering International (NYSE:OII) is likely to report quarterly loss at $0.20 per share on revenue of $425.01 million. • Oasis Midstream Partners (NASDAQ:OMP) is likely to report quarterly earnings at $0.67 per share on revenue of $86.95 million. • OptimizeRx (NASDAQ:OPRX) is expected to report quarterly earnings at $0.15 per share on revenue of $16.02 million. • Osisko Gold Royalties (NYSE:OR) is estimated to report earnings for its fourth quarter. • Ormat Technologies (NYSE:ORA) is estimated to report quarterly earnings at $0.34 per share on revenue of $182.82 million. • Orion Gr Hldgs (NYSE:ORN) is likely to report quarterly earnings at $0.08 per share on revenue of $180.36 million. • Par Pacific Hldgs (NYSE:PARR) is estimated to report quarterly loss at $1.27 per share on revenue of $688.34 million. • Petrobras Brasileiro (NYSE:PBR) is likely to report quarterly earnings at $0.14 per share on revenue of $13.50 billion. • Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (NYSE:PBR) is estimated to report quarterly earnings at $0.07 per share on revenue of $14.02 billion. • PDC Energy (NASDAQ:PDCE) is projected to report quarterly earnings at $0.88 per share on revenue of $388.14 million. • Progyny (NASDAQ:PGNY) is estimated to report quarterly earnings at $0.06 per share on revenue of $97.73 million. • Public Storage (NYSE:PSA) is estimated to report quarterly earnings at $1.94 per share on revenue of $713.97 million. • Pure Storage (NYSE:PSTG) is likely to report quarterly earnings at $0.09 per share on revenue of $480.13 million. • Pactiv Evergreen (NASDAQ:PTVE) is expected to report quarterly earnings at $0.25 per share on revenue of $1.21 billion. • Redfin (NASDAQ:RDFN) is likely to report quarterly earnings at $0.04 per share on revenue of $233.52 million. • Radian Group (NYSE:RDN) is estimated to report quarterly earnings at $0.64 per share on revenue of $275.89 million. • Rattler Midstream (NASDAQ:RTLR) is expected to report quarterly earnings at $0.24 per share on revenue of $99.54 million. • Revolve Group (NYSE:RVLV) is projected to report quarterly earnings at $0.11 per share on revenue of $135.60 million. • Rayonier Advanced (NYSE:RYAM) is estimated to report quarterly loss at $0.10 per share on revenue of $445.90 million. • Socket Mobile (NASDAQ:SCKT) is estimated to report earnings for its fourth quarter. • South Jersey Indus (NYSE:SJI) is projected to report quarterly earnings at $0.54 per share on revenue of $518.75 million. • Solar Capital (NASDAQ:SLRC) is expected to report quarterly earnings at $0.35 per share on revenue of $32.14 million. • SpartanNash (NASDAQ:SPTN) is projected to report quarterly earnings at $0.45 per share on revenue of $2.21 billion. • ServiceSource Intl (NASDAQ:SREV) is projected to report earnings for its fourth quarter. • Stoneridge (NYSE:SRI) is likely to report quarterly earnings at $0.02 per share on revenue of $171.73 million. • Staar Surgical (NASDAQ:STAA) is projected to report quarterly earnings at $0.02 per share on revenue of $43.85 million. • Stantec (NYSE:STN) is likely to report quarterly earnings at $0.35 per share on revenue of $693.81 million. • Solar Senior Capital (NASDAQ:SUNS) is projected to report earnings for its fourth quarter. • Teladoc Health (NYSE:TDOC) is expected to report quarterly loss at $0.24 per share on revenue of $378.41 million. • Taseko Mines, Ltd. Common Stock (AMEX:TGB) is likely to report quarterly earnings at $0.01 per share on revenue of $57.77 million. • Tutor Perini (NYSE:TPC) is expected to report quarterly earnings at $0.61 per share on revenue of $1.33 billion. • TPG RE Finance Trust (NYSE:TRTX) is expected to report quarterly earnings at $0.33 per share on revenue of $40.17 million. • TrueCar (NASDAQ:TRUE) is estimated to report quarterly loss at $0.04 per share on revenue of $58.49 million. • Tivity Health (NASDAQ:TVTY) is projected to report quarterly earnings at $0.29 per share on revenue of $190.02 million. • Hostess Brands (NASDAQ:TWNK) is likely to report quarterly earnings at $0.20 per share on revenue of $251.83 million. • Ultrapar Participacoes (NYSE:UGP) is estimated to report quarterly earnings at $0.07 per share on revenue of $4.18 billion. • United Insurance Holdings (NASDAQ:UIHC) is likely to report quarterly loss at $1.29 per share on revenue of $193.86 million. • Upland Software (NASDAQ:UPLD) is likely to report quarterly earnings at $0.45 per share on revenue of $71.80 million. • Marriott Vacations (NYSE:VAC) is estimated to report quarterly loss at $0.02 per share on revenue of $717.87 million. • Vapotherm (NYSE:VAPO) is projected to report quarterly loss at $0.54 per share on revenue of $37.18 million. • Vivopower International (NASDAQ:VVPR) is expected to report earnings for its second quarter. • Whiting Petroleum (NYSE:WLL) is likely to report quarterly loss at $0.17 per share on revenue of $191.46 million. • WideOpenWest (NYSE:WOW) is likely to report quarterly earnings at $0.15 per share on revenue of $286.16 million. • Whitestone (NYSE:WSR) is projected to report quarterly earnings at $0.03 per share on revenue of $28.57 million. • Zovio (NASDAQ:ZVO) is expected to report quarterly loss at $0.06 per share on revenue of $97.50 million. See more from BenzingaClick here for options trades from BenzingaPPD: Q4 Earnings InsightsRecap: Arlo Technologies Q4 Earnings© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Oil Holds Gains Above $60

    Oil prices are at a 13-month high having rallied well above the $60 mark on Monday, with Goldman Sachs predicting $70 oil in the coming months

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  • EMERGING MARKETS-Latam assets recover from recent losses, Petrobras rebound supports stocks

    * Drop in U.S. yields helps risk assets * Brazil stocks recover from worst day in 10 months * Mexican peso rises for first time in 7 sessions (Adds details, updates prices) By Susan Mathew Feb 23 (Reuters) - Brazil shares rose on Tuesday as oil major Petrobras bounced back from a bruising sell-off, with most Latin American assets recovering from a slew of recent losses as pressure from high U.S. yields eased. Petrobras' board is set to meet on Tuesday to rule on Brazilian President Jair Bolsonaro's appointment of former Defense Minister Joaquim Silva e Luna to helm the state-run firm. "Bolsonaro's decision to replace Petrobras' CEO is dashing hopes of Brazil's return to economic orthodoxy," said strategists at BCA Research.

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  • Brazil's CVM watchdog opens second probe into Petrobras shakeup

    Brazil's market regulator CVM said on Tuesday it has opened a second investigation into the announced shakeup at state-controlled oil giant Petrobras, which triggered a two-day share selloff that wiped more than 100 billion reais ($18.3 bln) off its value. CVM on Monday had announced the opening of an investigation on the change of leadership that Brazilian President Jair Bolsonaro announced on Friday in a social media posting. The commission said it opened a second investigation in response to an investor's complaint.

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  • Petrobras CEO Ousting Triggers $13B Stock Loss

    The decision of Brazil's president Jair Bolsonaro to replace the chief executive of oil major Petrobras triggered investor panic and a selloff that led to a slump in the company's shares yesterday that can be measured in billions

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  • EMERGING MARKETS-Brazil shares recover as Petrobras jumps; Mexican peso breaks losing streak

    The Bovespa stock index rose 0.7% after a near 5% slide on Monday - its worst session since April, as shares in Petroleo Brasileiro, as the company is officially known, recovered 7% from its 22% plunge which wiped out 71 billion reais ($13 billion) in market value. Petrobras' board is set to meet on Tuesday to rule on Brazilian President Jair Bolsonaro's appointment of former Defense Minister Joaquim Silva e Luna to run the state run firm. "Bolsonaro's decision to replace Petrobras' CEO is dashing hopes of Brazil's return to economic orthodoxy," said strategists at BCA Research.

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  • Board of Petrobras approves shareholders' meeting; end of the line for CEO

    The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders' meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco. At the meeting, shareholders are expected to formalize the replacement of Castello Branco with Joaquim Silva e Luna, a general picked by President Jair Bolsonaro. Petrobras' statement on Tuesday evening largely puts to bed the possibility of a protracted legal and political fight surrounding the CEO swap.

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  • Petrobras CEO Change in Brazil Spooks Investors. The Stock Tumbles 20%.

    Bolsonaro replaced the CEO of (PETR4) (ticker: PBR), also known as Petrobras, in an action that surprised analysts. Stocks in Brazil fell 5% earlier on Monday, with Petrobras down almost 21%. Petrobras shares are down 39.3% over the past year.

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  • Oil Giant Petrobras Sheds $19 Billion in Value Over Two Days

    (Bloomberg) -- A sell-off in Brazil’s state-controlled oil firm Petroleo Brasileiro SA picked up on Monday after a group of analysts downgraded the stock within 24 hours, following the government’s decision to replace the company’s chief executive officer.Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President Jair Bolsonaro on Friday decided to fire the oil company’s CEO following a spat over hikes in fuel prices and moved to appoint Joaquim Silva e Luna, a former army general, as a replacement. Company’s board still needs to confirm the decision.Shares in Petrobras tumbled in Sao Paulo, erasing about 102.5 billion reais ($18.8 billion) in market value in the past two sessions. The company’s American Depositary Receipts fell 21% in New York.Investors are concerned the hasty appointment of a new CEO may signal a potential shift away from market-friendly policies. The oil company’s discount to global peers is expected to widen and the sale of its refineries could also face delays as a result, hindering deleveraging plans, analysts said.“Fundamentals are unlikely to be the main driver of the stock in the near term,” Morgan Stanley analysts led by Bruno Montanari wrote in a report dated Feb. 21, moving the stock to not-rated from overweight. “We will have to weigh the role of a much increased risk perception in the sector, the country, and PBR specifically.”Read More: Bolsonaro Pivots to Interventionism With Firing of Petrobras CEOHere’s what analysts are saying:Bradesco BBI, Vicente FalangaPotential sudden change in top management adds risks to investment caseQuestions remain unanswered including what will be the firm’s new diesel pricing policy and if recent hikes in prices could be reverted. There might be a delay to gross debt targets amid risks to the sale of refineriesStock was cut to underperform from neutral; price target lowered to 24 reais from 34Morgan Stanley, MontanariPetrobras is in a better financial standing compared to prior intervention years, but risk perception has sharply increased“An intervention bear case seems to be unfolding”. Shares traded at a 5-15% discount to international peers and are likely to trade at a bigger discount in the near futureIntervention may potentially affect the firm’s divestment program, particularly the sale of refineries.Stock was moved to not-rated from overweight; price target of $16.50 for ADRs was removedJPMorgan, Rodolfo AngeleAnnouncement of a new CEO at this moment raises questions about Brazilian market working at paritySees uncertainties regarding capex budgets, capital discipline and sale of assetsStock was downgraded to underweight from overweight; price target for ADRs lowered to $9 from $17XP, Gabriel FranciscoNomination of Silva e Luna is negative in terms of governance given risks to the firm’s autonomyAlso mentions risks for the firm to keep adjusting prices to international ratesThere are many uncertainties and stock should trade at a higher discount to historical averages and other global oil firmsStock was cut to sell from neutral price target lowered to 24 reais from 32(Updates the drop in market value on third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Petrobras Craters, Real Falls in Brazil’s Worst Rout in Months

    (Bloomberg) -- The plunge in Brazilian markets Monday was unlike any the country has seen since the early days of the pandemic last year. Investors unloaded everything from state-run companies to bonds and the currency after President Jair Bolsonaro ousted the head of oil giant Petrobras, sparking worries of government meddling and a break with his administration’s market-friendly pledges.The real was among the worst performers in the world even after the central bank stepped in to prop it up. Stocks also lagged major peers, falling 4.9%, the most since April, and sovereign dollar bonds led losses among emerging markets. Petrobras shares tumbled 22%, the most in almost a year, leading state-controlled companies lower.Read More: Brazil Markets Tumble as Bolsonaro Pivots to Interventionism“These negative signals generate fear among investors, and logically disinvestment from the country eventually,” said Gregorio Velasco, head of institutional fixed income funds at Bci Asset Management in Santiago. “We’re paying attention to this development because it can have broader, more relevant implications for the Brazilian market.”Below are the main market moves:Brazilian realThe real breached the key 5.5 per dollar level that had been serving as support for the currency and extended losses to as much as 2.7% before the central bank stepped in offering dollars through foreign-exchange swaps. The currency ended the day down 1.3% at 5.4591 per dollar, the second-worst performance among 31 major currencies tracked the Bloomberg.StocksThe Ibovespa fell 4.9%, the most since April. Petrobras shares led losses, falling 22% on high trading volume as analysts from Credit Suisse Group AG to JPMorgan Chase & Co cut their recommendations. Put options on the stock surged as much as 1,310%.Read More: Petrobras’s $18 Billion Rout Deepens on Series of Downgrades Banco do Brasil SA and Eletrobras, which are also controlled by the Brazilian government, also fell on Monday. Earlier, O Globo columnist Lauro Jardim reported Bolsonaro was planning to replace the Banco do Brasil CEO -- who was already subject to political pressureSwap RatesSwap rates jumped 11 to 22 basis points across the curve as the real plunged. DI contracts are now pricing in 44.5 basis points in rate hikes at the next central bank meeting in March, from 38 on Friday, showing traders are increasing bets on a half-percentage point rate hike next month.Read More: Brazil’s Central Bank Cornered as Populism Fuels Rate Hike BetsBondsBrazil’s dollar-denominated sovereign bonds were among the worst in emerging markets, down around 3 cents on the dollar throughout the curve. Notes due in 2050 had their worst day since June, down 3.1 cents on the dollar to 94.4 cents, the lowest since July.Read more: Brazil Yield Curve Shifts HigherPetrobras bonds were among the most actively traded in high-yield emerging-market debt, according to Trace data. Notes due 2031, which are the one of the firm’s most liquid, fell as much as 4.7 cents on the dollar, the biggest slump since June. The oil producer’s century bonds fell as much as 6.5 cents to 107 cents on the dollar.CDSBrazil’s risk premium as measured by the five-year credit default swaps widened 22 basis points to 187, the biggest jump since September, according to ICE Data Services. The move contrasted with Markit’s CDX EM index, which was little changed.Petrobras’s five-year CDS jumped 35 basis points to 229, the highest since November. The market implied default probability over the next five years was at 13.9%.(Updates with Brazil’s real and stocks closing prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • UPDATE 1-Brazil bankers, investors worry about Bolsonaro's effect on capital markets revival

    Bankers and portfolio managersworry that Brazilian President Jair Bolsonaro's latest policymoves may undermine the country's recent capital marketsrevival. Bolsonaro moved to replace the chief executive of state oilcompany Petroleo Brasileiro and vowed to reduce prices in theenergy sector, two announcements that hammered Brazilian marketson Monday. Securities industry watchdog CVM is analyzing 33 Braziliancompanies' requests for initial public offerings, more thanthose that made their debut during the whole of 2020.

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  • EMERGING MARKETS-Brazilian stocks slammed by fears of govt interference, FX down

    * Petrobras, Bovespa set for worst day since March * Coronavirus aid extension in Brazil to be discussed thisweek * Mexican peso down for sixth straight session * Chile's peso sole gainer (Adds details, updates prices) By Susan Mathew and Ambar Warrick Feb 22 (Reuters) - Brazil's benchmark Bovespa index tankedon Monday as oil major Petrobras plummeted 21% following theouster of its investor-backed chief executive, while LatinAmerican stocks and currencies fell as higher inflationexpectations hurt sentiment. After weeks of sparring between CEO Roberto Castello Brancoand Brazilian President Jair Bolsonaro on fuel prices, formerDefense Minister and retired army general Joaquim Silva e Luna,who has no oil and gas experience, was appointed to take over.

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  • Brazil markets tank as Bolsonaro shakes up Petrobras to cut energy costs

    Brazilian financial markets went into a tailspin on Monday, as investors dumped the country's currency and stocks, while pushing up interest rates, after President Jair Bolsonaro moved late on Friday to sack the head of state-run oil firm Petrobras following weeks of clashes over fuel price hikes. The right-wing populist's intervention in one of Brazil's most valuable companies, along with a vow to reduce prices in the power sector too, cast growing concern on the government's commitment to free markets. Several brokerages downgraded Petroleo Brasileiro SA, as Petrobras is formally known, and Bank of America cut Brazilian stocks to 'marketweight' in its Latin American portfolio, excluding Petrobras and state power company Eletrobras entirely.

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