America Movil, Embraer, Itau, Petrobras: Latin Equity Preview

By James Attwood and Alexander Ragir

Aug. 8 (Bloomberg) -- The following stocks may have significant gains or losses in Latin American markets. Symbols are in parentheses after company names, and stock prices are from the last session.

The MSCI index of Latin American shares fell 1 percent to 4,124.17 yesterday. Colombian markets were closed yesterday for a holiday. In Brazil, preferred shares are the most commonly traded class of stock.

Argentina

Grupo Financiero Galicia SA (GGAL AF): The holding company for Argentina's biggest non-government bank said second-quarter profit more than tripled. Net income rose to 42.1 million ($13.8 million), or 3.4 centavos a share, from 12.6 million pesos, or 1 centavo, a year earlier, the Buenos Aires-based company wrote in a statement posted on the regulator's Web site yesterday. That beat Grupo SBS's estimate of 27.6 million pesos, the brokerage wrote in a note to clients. Galicia fell 6.2 percent to 1.37 peso.

Brazil

Cia. de Bebidas das Americas (AMBV4 BS): Brazil's tax authority will raise taxes on alcoholic beverages by 30 percent beginning in October, state-run Agencia Brasil reported. The increase in the tax on industrialized products, known as IPI, excludes beer, the news wire said. Consumers should see a price rise of 5 percent, according to the report. Ambev, Brazil's largest beverage company, fell 2.3 percent to 100.55 reais.

Banco Itau Holding Financeira SA (ITAU4 BS): Brazil's second-biggest non-government bank was cut to ``hold'' from ``buy'' at Banco Santander SA on the outlook for slower loan growth and shrinking margins. Itau will likely report 2008 profit of $1.52 per ADR, down from a previous estimate of $1.85. In 2009, profit will likely reach $1.86, down from $2.23, analyst Boris Molina wrote in a note yesterday. Itau fell 1.8 percent to 33.20 reais.

Empresa Brasileira de Aeronautica SA (EMBR3 BS): The fourth- largest aircraft maker fired 500 workers in a restructuring process, Folha de S. Paulo reported yesterday. The Sao Jose dos Campos, Brazil-based company dismissed workers on Aug. 4 and Aug. 5, according to the report that cited the city's metalworkers union. Embraer fell 3.7 percent to 11.46 reais.

Lojas Americanas SA (LAME4 BS): Brazil's biggest discount retailer posted an unexpected second-quarter loss of 14.5 million reais ($9.11 million), compared with profit of 2.3 million reais a year earlier, the Rio de Janeiro-based company said today in a statement. Analysts had anticipated profit of 6.6 million reais, based on the average of four estimates compiled by Bloomberg. Lojas Americanas fell 1.5 percent to 11.70 reais.

Petroleo Brasileiro SA (PETR4 BS): Brazil's state-controlled oil company found light oil in its BM-S-11 offshore exploration block, it said in a statement e-mailed yesterday. The block is being explored by Petrobras, as the Rio de Janeiro-based company is known, Portugal's Galp Energia SGPS SA and U.K.-based BG Group Plc. Petrobras rose 1.7 percent to 33.86 reais.

Chile

Cencosud SA (CENCOSUD CC): Chile's biggest retailer had inferred second-quarter profit of 45.7 billion pesos ($89.4 million), down from 67.6 billion pesos a year earlier, according to Bloomberg calculations based on first-half results. That compares with the 44.7 billion peso average forecast of five analysts surveyed by Bloomberg. First-half net income declined to 69 billion pesos from 135 billion pesos a year earlier, Cencosud wrote in a statement posted on the Chilean regulator's Web site yesterday. The stock was little changed at 1,560 pesos.

Empresas CMPC SA (CMPC CC): The wood-pulp producer owned by Chile's Matte Group reported inferred second-quarter profit that beat analysts' estimates. Quarterly net income fell to 54.6 billion pesos ($107 million) from 66.7 billion pesos a year earlier, according to Bloomberg calculations based on first-half results reported yesterday. That beat the 51.6 billion peso average forecast of five analysts surveyed by Bloomberg. CMPC rose less than 0.1 percent to 16,799 pesos.

Colombia

Bancolombia SA (PFBCOLO CB): The country's biggest lender fell 2.5 percent in New York trading yesterday when local markets were closed for a holiday. Bancolombia's preferred shares slid 1.7 percent to 14,640 pesos when they last traded on Aug. 6.

Cia. Colombiana de Inversiones SA (COLINV CB): The Medellin- based holding company known as Colinversiones plans to buy at least 51 percent of Generar SA ESP as part of a push to boost its energy assets. Colinversiones will offer 1,675 pesos per ordinary share and 1,800 pesos per ``privileged'' share, it wrote in an Aug. 6 regulatory filing. Colinversiones closed unchanged at 22,400 pesos.

Ecopetrol SA (ECOPETL CB): Crude oil for September delivery rose for the first time in four days yesterday when Colombian trading was closed. Ecopetrol, the nation's state oil producer, fell 0.4 percent to 2,465 pesos.

Mexico

America Movil SAB (AMXL MM): Latin America's largest mobile- phone company bought Nicaraguan cable television company Estesa Holding Corp. Terms weren't disclosed in a statement e-mailed yesterday. America Movil fell 2 percent to 25.14 pesos.

To contact the reporters on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net; James Attwood in Santiago at jattwood3@bloomberg.net.