Brazilian Stock Movers: Anhanguera, Tam and Tim Participacoes

The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 11:32 a.m. local time. Preferred shares are usually the most-traded class of stock.

The Bovespa Index dropped 3.5 percent to 56,274.69.

Anhanguera Educacional Participacoes SA (AEDU3) (AEDU3 BS) slumped 8.3 percent to 23.16 reais. Chief Executive Officer Alexandre Silveira Dias resigned and will be replaced by deputy finance director Ricardo Leonel Scavazza, according to a regulatory filing yesterday. Brazil’s largest education company by market value was cut to “neutral” from “buy” at Banco BTG Pactual SA, which cited the resignation of its chief executive officer.

Tam SA (TAMM4) (TAMM4 BS) fell 4.5 percent to 32.46 reais. Brazil’s biggest airline by market value was rated “underweight” in new coverage at Barclays Capital.

Tim Participacoes SA (TCSL4) (TIMP3 BS) fell 4.3 percent to 8.50 reais. Brazil’s second-largest wireless carrier said net income excluding minority interests rose to 316.6 million reais ($180.1 million), from 146.5 million reais a year earlier. The result missed the average estimate of 321.1 million reais by seven analysts surveyed by Bloomberg.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net

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