Nov. 1 (Bloomberg) -- 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 Index dropped 1.7 percent to 57,322.75.
Anhanguera Educacional Participacoes SA (AEDU3 BS) slumped 11 percent to 22.51 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.
Cielo SA (CIEL3 BS) gained 1 percent to 45.96 reais. Brazil’s biggest card-payment processor by market value reported third-quarter net income of 457.6 million reais ($262.2 million), beating the 435.2 million reais average estimate of 12 analysts surveyed by Bloomberg.
Tam SA (TAMM4 BS) fell 3.3 percent to 33.15 reais. Brazil’s biggest airline by market value was rated “underweight” in new coverage at Barclays Capital.
Tim Participacoes SA (TIMP3 BS) slid 0.6 percent to 8.83 reais after earlier dropping as much as 5.4 percent. Brazil’s second-largest wireless carrier said net income excluding minority interests rose to 316.6 million reais in the third quarter, 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.
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