Petroleo Brasileiro (NYSE: PBR), or Petrobras, is down an astonishing 13% to $37.77 today in mid-day trading. It has also almost traded an entire day’s volume. Falling oil prices, economic softness, the migration away from emerging markets and are all acting against it. But a key downgrade from Citigroup is adding fuel to the fire. In this case, it added fire to the fuel.
Citi has made changes to its model portfolio for investors wanting toinvest in Latin America. It took Brazil’s oil behemoth off of itsLatin American Focus List. Citi’s new rating on the Brazil energysector is"underweight." Credit dryingup for Brazil is one of the reasons cited for the downgrade whichincluded Brazil’s consumer discretionary sector.
If Petrobras has another rough day, it will be close to challenging its52-week lows. Its 52-week trading is $36.36 to $77.61. Ken Heebner isprobably glad he lightened up when he did.
Jon C. Ogg
October 2, 2008
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
