Buenaventura, Lojas Renner, MMX, Usiminas: Latin Equity Preview

By [bn:PRSN=1] William Freebairn [] and Alexander Ragir

Oct. 31 (Bloomberg) -- The following companies may have unusual price changes today in Latin America trading. Stock symbols are in parentheses, and share prices are from the previous close. Preferred shares are usually the most-traded class of stock in Brazil.

The MSCI Latin America Index surged 7.4 percent yesterday to 2,180.6. Chilean markets are closed today for a holiday.

Brazil

Cyrela Brazil Realty SA Empreendimentos & Participacoes (CYRE3 BS): Brazil's largest real-estate developer said the value of the projects it started in the third quarter declined 33 percent from a year earlier. Cyrela and its partners started developments worth as much as 1.05 billion reais ($502 million), compared with 1.57 billion reais a year earlier, the company said in a statement on the Brazilian regulator's Web site. Cyrela rose 5.2 percent to 12.10 reais.

Lojas Renner SA (LREN3 BS): Brazil's biggest publicly traded clothing retailer said third-quarter profit fell 12 percent to 31.5 million reais ($15 million), from 35.8 million reais a year earlier. The results missed the median estimate of 37.1 million reais of four analysts surveyed by Bloomberg News. Lojas Renner fell 2.9 percent to 18.45 reais.

MMX Mineracao e Metalicos SA (MMXM3 BS): The iron-ore mining company controlled by Brazilian billionaire Eike Batista said it will delist its global depositary receipts from the Toronto Stock Exchange on Nov. 6. The company said on Oct. 14 its board approved the cancellation of its registration with the Toronto Stock Exchange and the Ontario Securities Commission after shares plunged. MMX rose 56 percent to 4.52 reais.

Natura Cosmeticos SA (NATU3 BS): Brazil's biggest cosmetics company is firing 100 workers including 3 directors and 36 managers, and will eliminate 100 unfilled positions in the largest effort to cut jobs in the company's 39-year history, Valor Economico reported, citing Alessandro Carlucci, the company's CEO. Natura rose 6 percent to 18.10 reais.

Petroleo Brasileiro SA (PETR4 BS): Brazil's central bank said Petrobras, the state-controlled oil company, can take on as much as 8 billion reais ($3.83 billion) of new debt. Brazil's National Monetary Council authorized the borrowing at a meeting yesterday, the central bank said in a statement on its Sisbacen information system. Petrobras rose 6.7 percent to 22.85 reais.

Tele Norte Leste Participacoes SA (TNLP4 BS): Brazil's largest phone company said third-quarter profit declined 61 percent to 246 million reais ($116 million), or 65 centavos a share, from 637 million reais, or 1.67 reais, a year earlier. Tele Norte Leste rose 2.6 percent to 28.94 reais.

Usinas Siderurgicas de Minas Gerais (USIM5 BS): Brazil's second-largest steelmaker said it may sell 1 billion reais ($475 million) in local bonds. Usiminas, as the company is known, plans to sell bonds due in 12 years, according to a filing. Usiminas gained 7.1 percent to 30 reais.

Mexico

Vitro SAB (VITROA MM): Mexico's biggest glassmaker had its credit rating lowered by Moody's Investors Services two levels to Caa1, seven steps below investment grade, because of mounting derivatives losses. The rating may be lowered further, Moody's said in a statement yesterday. Standard & Poor's and Fitch Ratings both lowered their ratings on Vitro debt this week. Vitro rose 2.6 percent to 7 pesos.

Peru

Cia. de Minas Buenaventura (BVN PE): The biggest Peruvian precious metals producer said third-quarter net income rose less than 1 percent to $100.6 million, or 40 cents per American share, from $99.9 million a year earlier. Buenaventura was expected to earn 46 cents, the average estimate of six analysts in a Bloomberg survey. Buenaventura rose 4.3 percent to 12.15 pesos.

To contact the reporters on this story: William Freebairn in Mexico City at wfreebairn@bloomberg.net.