Cyrela, Gol, Petrobras, Rossi, Vale: Brazilian Equity Movers

By Paulo Winterstein

Nov. 17 (Bloomberg) -- The following companies are having unusual price changes in Brazil trading. Stock symbols are in parentheses, and share prices are as of 8:21 a.m. New York time. Preferred shares are usually the most-traded class of stock.

The Bovespa index dropped 3.7 percent to 34,469.98.

Cia. Energetica de Sao Paulo (CESP6 BS) fell 3.5 percent to 13.22 reais. The power generator and distributor controlled by the state of Sao Paulo reported a loss of 114.2 million reais ($50.6 million) in the third quarter. The company was expected to lose 37.6 million reais, the average of six estimates compiled by Bloomberg.

Cia. Vale do Rio Doce (VALE5 BS) fell 4.1 percent to 23.49 reais. Iron-ore contract prices, at records after six years of gains, may halve next year as demand from China slumps, Australia & New Zealand Banking Group Ltd. said. Vale is the world's biggest ore producer.

Cyrela Brazil Realty SA Empreendimentos e Participacoes (CYRE3 BS) fell 6 percent to 6.96 reais. Third-quarter earnings for Brazil's biggest real estate developer were ``fraught with negative surprises'' including operating profit and a cut in its forecasts. Gafisa SA (GFSA3 BS), the second-biggest homebuilder, dropped 5.5 percent. ``We remain cautious on the Brazilian homebuilders as we expect fundamentals to deteriorate,'' JPMorgan Chase & Co. analyst Adrian Huerta wrote in a note to investors dated today. Rossi Residencial SA (RSID3 BS), the third-biggest builder, slid 6.7 percent to 3.08 reais.

Gol Linhas Aereas Inteligentes SA (GOLL4 BS) declined 6.6 percent to 7.25 reais. Brazil's second-biggest airline posted a third-quarter net loss of 294.3 million reais, Gol said in a regulatory filing. The airline was expected to post a loss of 55 million, the average estimate of three analysts surveyed by Bloomberg.

Petroleo Brasileiro SA (PETR4 BS) slumped 3.6 percent to 20.02 reais. Brazil's state-controlled oil company said its monthly oil production declined in October after reaching a record the previous month. Total daily domestic output fell to 2 million barrels a day in October, from 2.02 million barrels in September.

To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.