Petróleo Brasileiro (PBR) — commonly abbreviated as 'Petrobras' — shares fell off by over 11% after delivering a smaller-than-expected dividend to...
explains why markets were so shocked by this decision, highlighting the internal pressures Petrobras faces from its board and challenges from Brazilian President Luiz Inacio Lula da Silva and his administration.JULIE HYMAN: Another stock that we are watching today. It's a ticker that does not trend on Yahoo Finance very often. We're talking about Petrobras, the Brazilian oil and gas giant.
And, in fact, reuters just came out with a piece saying that it was Lula da Silva himself that said that dividend should not be doled out, and that he wants that money to be invested for Petrobras to invest that money. This company has a large investment plan over the next five years. And so for a time there, you saw that after he was elected, you didn't see much involvement, so to speak. But now, you are seeing this. And so this has spooked the market.
Several U.S. discount retailers recalled packages of ground cinnamon after federal health officials warned that they were contaminated with high levels of lead. The U.S. Food and Drug Administration issued a safety alert for six brands of cinnamon, including those sold at Dollar Tree and Family Dollar stores. The move followed massive recalls last fall of WanaBana and other brands of cinnamon applesauce pouches linked to nearly 500 reports of lead poisoning in young children in 44 states.
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