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Mexico Stocks: Urbi, Corp. Geo, Homex, TV Azteca Drop

The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of the close of trading.

The IPC index fell 1 percent to 37,831.87.

Urbi Desarrollos Urbanos SAB (URBI* MM), Mexico’s third largest homebuilder by sales, dropped 19.2 percent to 16.88, the largest decline on a closing basis since October 2008. Urbi’s free cash flow to equity last year trailed the company’s projections, according to preliminary results reported yesterday.

Urbi’s “disappointing” results are an “unfavorable read-across” for the homebuilding sector, Credit Suisse Group AG analysts led by Vanessa Quiroga wrote in a research note today.

Desarrolladora Homex SAB (HOMEX* MM), Mexico’s largest homebuilder, fell 9.3 percent to 42.93 pesos. Corp. Geo SAB (GEOB MM), the second largest, decreased 14.4 percent to 18.99 pesos.

TV Azteca SAB (AZTECACP MM), Mexico’s second-largest broadcast television network, fell 1.6 percent to 8.71 pesos. TV Azteca’s networks are being dropped by Mexican cable-TV carriers representing more than 4 million subscribers in a dispute over terms.

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