Emerging Market ADRs: Winners and Losers
Airline companies TAM (TAM) and Gol Linhas Aereas Inteligentes (GOL) added around 5.8% and 5.6%, respectively. These carriers reported higher traffic during Sept. 2010, according to Brazil's National Civil Aviation Agency report.
Embraer- Empr Bras Aeronautica (ERJ), Companhia Paranaense de Energia (ELP), and Petroleo Brasileiro (Petrobras) (PBR) were major losers declining 4.8%, 2.2%, and 1.1%, respectively. In a report on Thursday, analysts at J.P.Morgan revised the price target to $32.0 from $35.0 and lowered the 2010 EPS estimate by 15 cents to $1.35 due to fewer-than-expected deliveries during the third-quarter.
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