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With Brazil in Turmoil, Some ADRs Tank
The devaluation of Brazil's currency, Latin America's latest saga, is also weakening its stock market and taking down shares of Brazilian companies that trade in the U.S.
On Tuesday, Brazil's real was trading at 3.26 per U.S. dollar, its worst level in eight years. At the same time, Brazilian stocks Telebras (TBH Quote), Petroleo Brasileiro (PBR Quote), Unibanco (UBB Quote), Compania Energetica de Minas Gerais (CIG Quote), Tele Centro Oeste Cellular (TRO Quote) and Telesp Celular (TCP Quote) each touched fresh 52-week lows.
The currency drop comes amid a number of political and economic uncertainties in the country. "It is a bleak picture," said Clyde Wardle, an emerging-markets currency strategist at HSBC. ...
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