Petrobras Energia Drops On Downgrade

Posted on Wednesday, January 09, 2008 5:25 PM

(RTTNews) - Petrobras Energia Participaciones (PZE) dropped steadily with heavy volume through most of the first half of Wednesday's trading, before stabilizing in the afternoon. This came as the company was downgraded by Bear Stearns to underperform from peer perform with a price target of $13.50 on unwarranted speculation/price move. The stock gave back gains it had made over the last week of dealings. Shares finished at their lowest since late December, down $2.39 at $13.61. For comments and feedback: contact editorial@rttnews.com