Totvs Tumbles in Sao Paulo as Earnings Trail Estimates
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Totvs SA fell the most in 15 months in Sao Paulo after the business-management software developer’s fourth-quarter earnings trailed analysts’ estimates.
Shares dropped 5.8 percent to 41.49 reais at the close of trading, the biggest decline since Oct. 4, 2011. The benchmark Bovespa index fell 1.8 percent.