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Brazil's Telesp Tumbles on Rumor of Canceled Buyout Offer

Brazilian cellular phone company Telesp Celular (TCP - Get Report) was down 24.7% in preopen Instinet trading on rumors Portugal Telecom (PT) would withdraw its stock-swap buyout offer for the company.

Portugal Telecom, which has scheduled a press conference for later today, was up 4.4%. Shares of both companies were moving on the rumor during trading in Sao Paolo Tuesday.

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SYM TRADE IT LAST %CHG
PT $0.59 1.31%
TCP $66.92 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%

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