Shares of Brazilian state-run oil giant Petroleo Brasileiro SA Petrobras (PBR) - Get Report were higher by 4.91% to $8.44 on heavy trading volume on Wednesday afternoon, after Brazil's securities industry watchdog CVM reversed a preliminary decision ordering the company to restate financial statements.
The statements would be from the second and third quarters of 2013, and to the years 2014, 2015, and 2016 to account for impairments related to certain hedging transactions, Reuters reports.
Also boosting the stock today is the corruption charge conviction of former President of Brazil Luiz Inacio Lula da Silva.
A judge found him guilty of accepting bribes from engineering firm OAS in the form of a beachfront apartment, in return for his help in winning contracts with Petrobras.
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Money is just being given away: Warren Buffett donated roughly $3.17 billion of Berkshire Hathaway Inc. (BRK.A) - Get Report (BRK.B) - Get Report stock earlier this week to the Bill and Melinda Gates Foundation and four family charities.
It is the 86-year-old billionaire's largest contribution in his plan to give away his fortune. In 2010, Buffett, Microsoft Corp. (MSFT) - Get Report co-founder Bill Gates and his wife created The Giving Pledge, a project that encourages billionaires to give more than half of their wealth to philanthropy. TheStreet takes a look at some of the wealthiest people who have pledged to give their money to charity when all is said and done.
At the time, Walmart attributed the problem to a reduction in employees as it worked to cut costs. Fast forward to 2017, and the issue appears to be resurfacing, reports TheStreet's Lindsay Rittenhouse.
The purchase of Square would give PayPal increased acceptance with bricks and mortar retailers, Loop Capital analyst Joseph Vafi writes in a new note. All in, the deal would further PayPal's efforts to become a "true, two sided network," according to Vafi.
Vafi estimates PayPal would be able to pay a 30% premium for Square, valuing the company at more than $12 billion using current prices.
Tesla gets some more love: Shark Tank Star Kevin O'Leary said Tesla (TSLA) - Get Report CEO Elon Musk is a modern day Michelangelo. "He is a genius - I can't say enough good things about what he does for all sectors that he gets involved in," O'Leary told TheStreet's Scott Gamm in an interview.
Although to be fair, O'Leary is more fond of Tesla's product than its stock.
"I'm an investor and at the end of the day, I look at each opportunity to put money in harms way - one stock at a time and that's not a stock I own," he said. O'Leary is also the Chairman of O'Shares ETF Investments.
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