On Monday, Shares of Petroleo Brasileiro, (NYSE:PBR), lost -4.23% to $5.43. The stock attained the volume of 28.84 million shares.
The year-to-date (YTD) performance reflected a -25.75% below last year. During the past month the stock gains 18.86%, bringing three-month performance to -37.12% and six-month performance to -34.06%. The stock holds the market capitalization of $32.60 nillion.
State-run companies are realizing government backing isn’t what it used to be, according to Bloomberg.
Tumbling commodities, a corruption scandal ensnaring Petroleo Brasileiro SA and slowing global growth are sapping demand for so-called quasi-sovereign debt across emerging markets, with state-backed companies in Brazil, South Africa, Colombia and Mexico faring the worst. Investors were demanding 1.09 percentage points more than sovereign debt to own the bonds of 200 state-run issuers this month, up from 0.63 percent in December, according to Barclays Plc, whose indexes comprise $556 billion in quasi-sovereigns.
The debt from state-backed oil producers, utilities and banks across emerging markets have been among the hardest hit securities in the recent global selloff of higher-yielding securities. It’s a dramatic shift for many of the bonds, which are seen as less risky than those from similar companies without state sponsorship because of an implicit government guarantee. Faced with mounting losses, investors have started to question how firm the sovereign support really is, according to Bank of Nova Scotia.
Kogan has researched and written about quasi-sovereign risk since at least 2007, when he was an analyst with Lehman Brothers Holdings Inc. Bloomberg Reports
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engage s in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Denbury Resources Inc. (NYSE:DNR), dropped -6.85% to $3.46, during its last trading session, as some energy and related stocks tank as oil prices reversed earlier gains on Monday.
Earlier Monday, oil prices rallied on comments made by Kuwait’s oil minister, Ali al-Omair, Reuters reports. The Organization of the Petroleum Exporting Countries is planning to keep up with its current output policy, which has been designed to protect market share.
The stock saw its price movement on below-normal volume, as 8.58 million shares changed hands when contrast with its average daily volume of 13.88 million shares, with a year-to-date performance of -55.89%.
Denbury Resources Inc. operates as an independent oil and natural gas company in the United States. The company primarily focuses on improved oil recovery utilizing carbon dioxide.
Finally, Staples, Inc. (NASDAQ:SPLS), ended its last trade with -1.46% loss, and closed at $12.19.
Staples and Office Depot declared that they have mutually agreed with the Federal Trade Commission to extend the review period for the Office Depot acquisition. Under the terms of the agreement, the FTC has agreed to issue its decision regarding this transaction by December 8, 2015.
Regulators in Australia, New Zealand and China have approved the transaction. Staples and Office Depot continue to work with regulatory authorities in the European Union, the United States and Canada.
In connection with the projected merger, Staples has filed with the SEC a registration statement on Form S-4 that comprises a proxy statement of Office Depot that also constitutes a prospectus of Staples. Staples filed the final proxy statement/prospectus with the SEC on May 18, 2015. The registration statement was declared effective by the SEC on May 15, 2015. Office Depot mailed the definitive proxy statement/prospectus to stockholders of Office Depot on or about May 19, 2015, and the stockholders approved the transaction on June 19, 2015. The registration statement and the proxy statement/prospectus contain important information about Staples, Office Depot, the transaction and related matters. Investors and security holders are urged to read the registration statement and the proxy statement/prospectus (counting all amendments and supplements thereto) carefully.
Staples, Inc., together with its auxiliaries, operates office products superstores. It operates through three segments: North American Stores & Online, North American Commercial, and International Operations.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified with such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
