Why Petrobras Stock Dropped This Morning
Shares of Brazilian oil company Petroleo Brasileiro (NYSE: PBR) (NYSE: PBR.A) slipped somewhat this morning after investment bank UBS flipped 180 degrees from buy to sell on the oil stock.
The amount of the decline is in some dispute, with Google Finance clocking an 18% fall on PBR shares from a closing price of $11.40 per share last night, while Yahoo! Finance says it closed at only $10.10 per share and is down only 4%. The truth may be somewhere in the middle. Stock broker Fidelity says the last price it saw Petrobras shares traded at last night was $10.75 per share.
With Petrobras selling at $9.70 per share as of 10:10 a.m. ET -- a figure on which all sources agree -- that still works out to a disheartening 4% decline in its share price this morning.
Source Fool.com
