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SAO PAULO/RIO DE JANEIRO (Reuters) - Two Iranian vessels have been stranded for weeks at Brazilian ports, unable to head back to Iran due to lack of fuel, which state-run oil firm Petrobras refuses to sell them due to sanctions imposed by the United States. The vessels Bavand and Termeh came to Brazil a couple months ago carrying urea, a petrochemical product used as fertiliser. Food is not covered by U.S. sanctions, and Iran is one of the largest buyers of Brazil's agricultural commodities, importing more than 2.5 million tonnes of Brazilian corn so far this year — more than any other country.
(Bloomberg Opinion) -- It may be a cliche, but it’s true that the stock market isn’t the economy. Values fluctuate based on a seemingly infinite number of variables, from the real (earnings) to the intangible (sentiment). So even though U.S. equities are near all-time highs, that isn’t necessarily a sign that all is well with corporate America.One sign that executives may not be all that confident in the outlook is the market for commercial paper. Even with a slight pullback the last two weeks, companies have been issuing these short-term corporate IOUs at pace not seen since 2011. The amount outstanding has jumped from $1.05 trillion at the start of the year to as much as $1.16 trillion earlier this month, according to the Federal Reserve. Although the amount eased back to $1.14 trillion in the latest weekly data that was released on Thursday, that’s still more than any time in the past eight years.Few markets are as opaque as the one for commercial paper, which typically matures anywhere from 15 days to nine months after it’s issued, and it’s never exactly clear why it expands or contracts. But it’s hard not to interpret this latest jump as a down-arrow for the economy. It’s a signal companies may not have the confidence to commit to long-term loans or issue bonds and instead want to wait out the uncertainty with shorter-term funding.Fed data on commercial and industrial loans back up that idea, with growth grinding to a halt in the second quarter, increasing by just 0.15% to $2.34 trillion. That’s the smallest increase since the end of 2017. The slowdown came even as the Fed’s most recent quarterly survey of senior loan officers showed that banks in aggregate eased some key terms for commercial and industrial loans to large and middle-market firms. So even though banks were willing to lend, companies had little appetite.“Manufacturing, trade and investment are weak all around the world,” Fed Chair Jerome Powell said last week in his semi-annual testimony to Congress.Recall that the Institute for Supply Management said on July 1 that its gauge of new orders for factories fell to 50, the lowest since December 2015 and equaling the dividing line between growth and contraction. And on Thursday, the Conference Board said its Leading Economic Index, which is intended to provide a sense of where the economy is headed, fell in June by the most since early 2016.And while it’s still early, the signals being sent by companies that have reported results so far this earnings season aren’t encouraging. Railroad operator CSX Corp. cut its revenue outlook for the year on Tuesday. Fastenal Co. and MSC Industrial Direct Co., which are – often viewed as an economic proxy because they sell factory-floor and construction site basics ranging from nuts and bolts to welding equipment – both noted a slowdown in demand in the most recent quarter.You can’t blame companies for being cautious. The U.S. is stuck in a trade war with China that seems to have no end, corporate earnings growth has stalled and the political divide in Washington is as great as ever. These aren’t things that can be fixed by a Fed interest-rate cut.To contact the author of this story: Robert Burgess at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Merit Medical (MMSI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
Brazil's state-controlled oil company Petroleo Brasileiro SA is in talks with the Uruguayan government to give back licenses to operate natural gas distributors in the country, the company said in a securities filing late on Tuesday. The CEO of Petrobras, as the company is known, Roberto Castello Branco met on Tuesday with Uruguayan president Tabare Vázquez to discuss the issue, the company said. Petrobras said the licenses to operate the companies will be given back to the Uruguayan government by the end of September and both parties agreed to end litigation involving the licenses.
The industrial supply companies' results had a lot to say about the outlook for the upcoming quarterly reports -- not all of it good.
Moody's América Latina has assigned definitive ratings to the senior shares issued by Driver Brasil Four Banco Volkswagen Fundo de Investimento em Direitos Creditórios Financiamento de Veículos (Driver Brasil Four FIDC), a securitization backed by a static pool of auto loans originated by Banco Volkswagen S.A. (Banco Volkswagen ,not rated). Banco Volkswagen S.A. is a fully owned subsidiary of Volkswagen Financial Services AG (A3, Long Term Issuer Rating, Foreign Currency).
Recently announced plans to foster competition in the Brazilian natural gas market may trigger a wave of privatizations among state-controlled distribution companies, luring international and domestic bidders, experts on the sector say. Brazil's Cosan SA and Spain's Naturgy Energy Group SA, are among the companies potentially interested in the segment, which also include Portugal's Galp , France's Engie and Spain's Repsol , consultants, lawyers and other experts said. The plan to overhaul Brazil's domestic natural gas market, approved by Brazil's energy policy council in late June, calls for companies with a "dominant position" to sell all of their stakes in distributors.
Brazilian state-run oil firm Petroleo Brasileiro SA said a potential end to its participation in a program certifying good governance set up by the Sao Paulo stock exchange would not weaken its corporate governance, according to a securities filing on Monday. Reuters reported on Friday that Petrobras, as the company is known, is considering exiting from a Brazil bourse program that certifies good governance and limited political interference in state companies. The company said that many important aspects of the program are already written into Petrobras bylaws.
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll look at...
(Bloomberg) -- Brazilian stocks have extended their year-to-date gain to about 20% on renewed optimism that Latin America’s largest economy will finally overhaul its heavily indebted social security system. But the rally that has pushed the market to record highs still may have some juice left.The benchmark Ibovespa index may climb 11% from current levels to about 115,000 by the end of 2019, according to the average forecast of 10 strategists surveyed by Bloomberg. Their targets range from 105,000 to 123,000, implying an increase of as much as 18%. That would mark the fourth year of double-digit gains for Brazilian stocks.Reforming pensions should allow Brazil’s central bank to reduce the benchmark interest rate below the current, historically low 6.5%, pushing more funds into the local stock market, strategists say. While the domestic swap rates curve is pricing in an easing cycle of 108 basis point until the end of the year, some of the nation’s fund managers and economists see room for the Selic rate to reach 5%.“A strong fiscal anchor will likely open room for deeper interest rate cuts,” Bradesco BBI analysts led by Andre Carvalho wrote in a July 10 report, raising their target for the Ibovespa to 122,000 from 116,000. “Low interest rates should help boost the capital markets and M&A activities, as well as reduce financial expenses and increase the attractiveness of bond-like stocks,” Carvalho said.Bank of America has reiterated its overweight rating for Brazilian stocks in its Latin American portfolio, seeing the Ibovespa at 120,000 in the end of this year. “Flows into equities should keep supporting the market,” BofA’s Latin America equity strategist David Beker wrote in a note.Passing pension reform is also expected to unlock a long-awaited rebound in Brazil’s economy. Since the beginning of the year, economists have been lowering their estimates for gross domestic product in 2019, as doubts about the country’s fiscal outlook have kept investments on hold.Here’s a list of strategists’ top picks in Brazil:Bradesco BBIBanco do Brasil SA, Itau Unibanco Holding SA, B3 SA, CVC Brasil Operadora e Agencia de Viagens SA, Lojas Renner SA, Energisa SA, Cia de Saneamento Basico do Estado de Sao Paulo, Vale SA, Gerdau SA and Petroleo Brasileiro SABTG PactualPetroleo Brasileiro SA, Localiza Rent a Car SA, Banco Bradesco SA, Lojas Renner SA, Rumo SA, Cosan SA, Oi SA, Ambev SA, JBS S and Totvs SAItau BBABanco do Brasil SA, Banco Bradesco SA, Cyrela Brazil Realty SA, Cia de Saneamento de Minas Gerais, Kroton Educacional SA, Rumo SA, Petroleo Brasileiro SA, Multiplan Empreendimentos Imobiliarios SA, Vale SA and Azul SAJPMorganBanco Bradesco SA, IRB Brasil Resseguros, Cia Brasileira de Distribuicao, Vale SA, Petroleo Brasileiro SA, Rumo SA, Randon SA and Cyrela Brazil Realty SASafraItau Unibanco Holding SA, Banco Bradesco SA, Banco do Estado do Rio Grande do Sul SA, Banco do Brasil SA, B3 SA, Cia Brasileira de Distribuicao, Localiza Rent a Car SA, Vale SA, Bradespar SA, Cia Siderurgica Nacional SA, Petrobras Distribuidora SA, Telefonica Brasil SA, Rumo SA, Energisa SA and EZ Tec Empreendimentos e Participacoes SATo contact the reporter on this story: Vinícius Andrade in São Paulo at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Scott Schnipper, Richard RichtmyerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brazilian state-run oil firm Petrobras is considering an end to its participation in a program certifying good governance and limited political interference in state companies set up by the Sao Paulo stock exchange, two sources told Reuters. Chief Executive Roberto Castello Branco is pushing the possibility of exiting the Distinction in Governance Program for State-Run Firms, established by exchange operator B3 SA, said the people familiar with deliberations, who requested anonymity to discuss confidential matters. Petrobras added that improvements to its compliance protocols have "stood out" in recent years and that many requirements of the B3 program are already part of Brazilian law, so leaving the program would not necessarily weaken the company's corporate governance.
Fastenal Company (NASDAQ:FAST) reported its quarterly earnings results on Thursday, bringing in a profit and sales that were below what analysts called for, which sent the company's stock declining more than 2% today.The Winona, Minn.-based industrial supply business said that for its second quarter of its fiscal year, it amassed earnings of 36 cents per share, which was below its profit of 37 cents per share from the same period a year ago. This figure also missed the Wall Street consensus estimate of 36 cents per share.Fastenal Company's revenue for the period tallied up to $1.37 billion, which missed the Wall Street consensus estimate of $1.38 billion. It is also worth noting that the organization's sales growth was underwhelming, as it came in at 7.9% when compared to the year-ago quarter-this is the first three-month period in which sales have failed to gain at least 10% year-over-year in nine such periods.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis increase was caused in large part due to higher unit sales, which are linked to growth drivers. There were notable contributions from its industrial vending business, onsite locations and construction, among others. Fastenal's daily sales growth was also 7.9%, which missed the 12.2% and 13.1% gains from the first quarter of its 2019 and its year-ago quarter respectively.Daily sales gained 7% on a monthly basis in June, 9.5% in May and 12.5% in April, all below the same amounts in the company's year-ago months.FAST stock is down about 2.9% today. More From InvestorPlace * 7 A-Rated Stocks to Buy for the Rest of 2019 * 10 Best Stocks for 2019: A Volatile First Half * 7 Retail Stocks to Buy for the Second Half of 2019 * 10 Stocks to Sell for an Economic Slowdown The post Fastenal Company Earnings: FAST Stock Falls on Q2 Miss appeared first on InvestorPlace.
Delta’s quarterly payout will jump to 40.25 cents a share, up from 35 cents. Walgreens will boost its dividend by 4% to 45.75 cents, and Fastenal declared a dividend of 22 cents a share, up by half a cent.
Shares of Fastenal Co. dropped 4.6% toward a 6-month low, after the industrial and construction supplies distributor reported second-quarter earnings and revenue that missed expectations. Net earnings fell to $204.6 million, or 36 cents a share, from $211.2 million, or 37 cents a share, in the year-ago period, below analyst consensus expectations of 37 cents a share, according to FactSet. Sales rose 7.9% to $1.37 billion, just shy of the FactSet consensus of $1.38 billion. The company said economic activity slowed during the quarter relative to the sequential first quarter. Gross profit as a percentage of sales fell 180 basis points to 46.9%. "While we successfully raised prices as one element of our strategy to offset tariffs placed to date on products sourced from China, those increases were not sufficient to also counter general inflation in the marketplace," the company said in statement. The stock, which is on track for the lowest close since Jan. 24, has slumped 13% over the past three months, while the SPDR Industrial Select Sector ETF has edged up 0.4% and the S&P 500 has gained 3.7%.
Fastenal (FAST) reports unimpressive Q2 results, as higher unit sales and notable contributions from industrial vending, Onsite locations, and construction are offset by slower activity level.