Brazilian Stock Movers: Cyrela, Eletropaulo, Multiplan, Tam
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close. Preferred shares are usually the most-traded class of stock.
The Bovespa index lost 0.4 percent to 57,321.81.
Cyrela Brazil Realty SA Empreendimentos e Participacoes (CYRE3) (CYRE3 BS) rose 1.9 percent to 14.42 reais. Brazil’s second- biggest homebuilder by revenue said third-quarter net income fell 17 percent from a year earlier to 146.8 million reais ($83 million), surpassing the 129.2 million-real average estimate for profit excluding some items in a Bloomberg survey of six analysts.
Eletropaulo Metropolitana SA (ELPL4 BS) gained 2 percent to 30.90 reais. The Brazilian unit of AES Corp. posted third- quarter profit of 348.2 million reais, a 6.1 percent increase from the same period a year earlier. The utility said it increased planned investment for the 2011-2012 period to 242 million reais from 120 million reais, according to its earnings statement. It also said its board approved the sale of 600 million reais of local bonds maturing in ten years.
Multiplan Empreendimentos Imobiliarios SA (MULT3) (MULT3 BS) rose 2.3 percent to 35.00 reais. The shopping-mall developer’s third- quarter profit excluding some items rose 15 percent to 84.6 million reais, exceeding the average estimate of 67.3 million reais among six analysts surveyed by Bloomberg. Multiplan’s net income without adjustments jumped 41 percent to 65.3 million reais.
Tam SA (TAMM4) (TAMM4 BS) slipped 0.8 percent to 34.60 reais. Brazil’s biggest airline by market value posted a loss of 606.2 million reais in the third quarter, according to a regulatory filing.
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