Brazilian Stock Movers: JBS, MPX Energia, Tecnisa Were Active
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) index lost 1.5 percent to 65,828.19.
JBS SA (JBSS3) (JBSS3 BS) fell 7.1 percent to 7.60 reais, the biggest one-day drop since Jan. 2. The world’s largest beef producer reported a fourth-quarter profit that fell short of the average estimate of seven analysts surveyed by Bloomberg as rising feed costs eroded gains at its Pilgrim’s Pride unit in the U.S.
MPX Energia SA (MPXE3) (MPXE3 BS) lost 4.4 percent to 47.81 reais. The energy company controlled by billionaire Eike Batista reported that its net loss widened to 409 million reais ($225 million) in 2011 from a loss of 256 million reais a year earlier.
Tecnisa SA (TCSA3) (TCSA3 BS) dropped 1.8 percent to 9.55 reais. The homebuilder reported adjusted net income of 144 million reais in 2011, lagging the average estimate in a Bloomberg survey of seven analysts.
To contact the reporter on this story: Zachary Tracer in New York at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos in New York at email@example.com