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☆ 'They crushed it.' Analysts cheer Netflix's strong third-quarter earnings
▼ + stars: | 2023-10-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Netflix 's better-than-expected quarterly earnings has analysts cheering the company's new subscriber growth initiatives, keeping them optimistic on the stock's growth potential. Yoon increased his price target to $390 from $375, implying 12.6% upside potential from Wednesday's close. Shares already rallied more than 13% Thursday during premarket trading, surpassing his price target. Anmuth raised his price target to $480 from $455, implying shares could jump 38.6% from Wednesday's close. UBS, Citi and Evercore all reiterated their price targets of $500 on shares, while Bank of America kept its $525 target price.

Persons: Bernstein, Laurent Yoon, Yoon, Goldman Sachs, Eric Sheridan, Doug Anmuth, Anmuth, Brian Kraft, Kraft, John Hodulik, Hodulik, Jessica Reif Ehrlich, Mark Mahaney, Mahaney, –, Michael Bloom Organizations: Netflix, ARM, JPMorgan, Deutsche, Bloomberg, UBS, Citi, Bank of America, of America, Global, Revenue Locations: U.S, Wednesday's

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Microsoft, Rivian, Amazon, Skechers, Block and more
▼ + stars: | 2023-10-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America reiterates Apple as neutral Bank of America said Apple Services is the "next leg of growth." UBS reiterates Skechers as buy UBS said it's standing by its buy rating on shares of the shoe company. JPMorgan reiterates Disney as overweight JPMorgan lowered its price target on the stock to $120 per share from $125 but said it's standing by its overweight rating. Bank of America reiterates Block as buy Bank of America said investors should buy the dip in shares of the company formerly known as Square. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said it's standing by its overweight rating on Microsoft shares.

Persons: Wells, Wells Fargo, Jefferies, Tesla, it's, Skechers, Daiwa, JPMorgan downgrades Corning, JPMorgan, TD Cowen, O'Reilly, Cowen, Morgan Stanley Organizations: UBS, Bank of America, Apple, of America, Apple Services, Google, DOJ, Citi, Huawei, JPMorgan, Disney, ESPN, Arts, EA, " Bank of America, Trust, Northern Trust, Holdings, Juniper Networks, Enterprise, Microsoft Locations: North America, China, Hulu, Juniper, Corning

☆ Here are Thursday's biggest analyst calls: Meta, Amazon, Costco, Uber, Sunrun, Alphabet, Exxon & more
▼ + stars: | 2023-09-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Thursday's biggest calls on Wall Street: Baird reiterates Meta as outperform Baird said it's bullish heading into Meta's Connect event next week. Bank of America upgrades Nutanix to buy from neutral Bank of America said it sees numerous positive growth drivers ahead for the computer software company. " Guggenheim reiterates Sunrun as buy Guggenheim said Sunrun is the best positioned solar company. Bank of America reiterates Marriott as buy Bank of America said it's bullish heading into Marriott's analyst day next week. Wells Fargo reiterates Amazon as overweight Wells said it sees several "discreet headwinds" for Amazon that investors may not know about.

Persons: Baird, it's, NTNX, Guggenheim, Sunrun, Evercore, Goldman Sachs, Goldman, Jefferies, Wedbush, Uber, JPMorgan, rideshare, Piper Sandler, Piper, Marriott, Wolfe, Wells, Morgan Stanley, Howmet, Truist Organizations: Meta's, Meta, Qualcomm, Bank of America, of America, Costco, Google, JPMorgan, Disney, Petrobras, CF, Microsoft, monetization, UBS, Walmart, Deutsche Bank, Wax Center, Exxon, ExxonMobil, " Bank of America, Citi, Energy, Micron, MU, Aerospace Locations: Howmet's Whitehall

☆ Here are Monday's biggest analyst calls: Tesla, Apple, Nvidia, Amazon, Microsoft, Block, Netflix & more
▼ + stars: | 2023-09-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan upgrades Tenable to overweight from neutral JPMorgan said the security software solutions company is "well positioned for better fundamentals." JPMorgan upgrades Nubank to overweight from neutral JPMorgan said it sees an attractive entry point for the Brazilian neobank company. JPMorgan downgrades Brunswick to neutral from overweight JPMorgan said higher interest rates will weight on the marine recreation company in the months ahead. Bank of America reiterates Nvidia as a top pick Bank of America said Nvidia shares remain "compelling" at current levels. " Bank of America initiates Raymond James as buy Bank of America said the financial services company is well positioned and has a defensive portfolio. "

Persons: Morgan Stanley, Tesla, Raymond James, RJF, Evercore, Redburn, Bob Iger, Johnson, Jefferies, Bernstein, Brown, Forman, Baird, it's Organizations: supercomputing, Investors, JPMorgan, TENB, Brazilian, Bank of America, CSX, of America, 3Q, JPMorgan downgrades, Nvidia, AMD, Barclays, UBS, Amazon, Netflix, Disney, Deutsche Bank, Deutsche, Citi, Microsoft Citi, Microsoft, Apple Locations: JPMorgan downgrades Brunswick, North America

☆ Medvedev survives 'Aussie' late night scare to advance at US Open
▼ + stars: | 2023-09-01 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

[1/4] Aug 31, 2023; Flushing, NY, USA; Daniil Medvedev faces Christopher O'Connell of Australia on day four of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center. Mandatory Credit: Danielle Parhizkaran-USA TODAY Sports Acquire Licensing RightsNEW YORK, Aug 31 (Reuters) - Daniil Medvedev survived a late night U.S. Open scare on Thursday by taming Australian battler Christopher O'Connell 6-2 6-2 6-7(6) 6-2 to reach the third round at Flushing Meadows. The party atmosphere inside Louis Armstrong Stadium was starkly different from the last time Medvedev and O'Connell stood across from each other during the dark days of COVID-19 restrictions. With chants of, "Aussie, Aussie, Aussie, Oi, Oi, Oi" rising from the stands, O'Connell dug in to take the third set to a tiebreak when a shaky Medvedev double-faulted to hand him a well-deserved third set. Reporting by Steve Keating in New York; Editing by Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniil Medvedev, Christopher O'Connell of, USTA Billie Jean King, Danielle Parhizkaran, Christopher O'Connell, Medvedev, O'Connell, Louis Armstrong, Steve Keating, Peter Rutherford Organizations: USTA Billie, USTA Billie Jean King National Tennis Center, U.S, Thomson Locations: Flushing , NY, USA, Christopher O'Connell of Australia, Flushing Meadows, COVID, New York

☆ Morgan Stanley double-upgrades this spirits stock as agave headwinds ease
▼ + stars: | 2023-08-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

It's time to buy spirits stock Brown-Forman , according to Morgan Stanley. Morgan Stanley's previous underweight call was based on limited visibility around gross margin recovery, the company's full valuation and slower U.S. spirits industry growth. However, Serotta now expects meaningful upside for the stock. Agave, which is used to produce tequila, has been a disproportionate headwind to the company's general margins over the last several years, Serotta said. Serotta also said that, while the company's absolute valuation is "rarely cheap," its relative valuation appears compelling compared to its peers Monster Beverage and Constellation Brands .

Persons: Brown, Forman, Morgan Stanley, Eric Serotta, Morgan Stanley's, Serotta, — CNBC's Michael Bloom Organizations: Monster Beverage, Constellation Brands

☆ Goldman says these stocks have the most upside, even as markets become choppy
▼ + stars: | 2023-08-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

The firm named a list of buy-rated stocks that it says are well positioned to withstand choppy markets. The firm said it sees "upside in [the] face of improving industry trends" after AppLovin's strong second-quarter earnings report earlier this month. Both continue to enjoy double-digit subscription revenue growth year over year, he said. Gartner "2Q beat, as healthy Research CV growth and margin upside should offset muted tech vendor trends to drive valuation upside. … We continue to see attractive valuation upside at Gartner following 2Q results, which outperformed our estimates and consensus on revenue, EBITDA margins & EPS."

Persons: Goldman Sachs, Eric Sheridan, he's, Sheridan, Lizzie Dove, Cedar's, George Tong, Tong, Archer, Gartner, … Gartner, …, Phillips Organizations: CNBC, Cedar Fair, Investments, Gartner, adv, The League, 2Q, Consulting, Refining, Chemicals, & & Locations: Gartner, Sheridan, Ohio

☆ Amazon just posted a blowout second-quarter report. What analysts are saying
▼ + stars: | 2023-08-04 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

AMZN 1D mountain Amazon popped after strong earnings JPMorgan's Doug Anmuth reiterated an overweight rating on Amazon and raised his price target to $180 price target, implying roughly 40% upside from Thursday's $128.81 close. Anmuth said on Friday that the second-quarter results and third-quarter outlook will help lift shares higher, and also pointed to strength in Amazon Web Services. Goldman Sachs analyst Eric Sheridan also hiked his price target to $180 from $165, keeping his buy rating on the stock. Bank of America's Justin Post, meanwhile, raised his price target to $174 from $154, implying a 35% gain from Thursday's close. Morgan Stanley's Brian Nowak increased his price target on Amazon to $175 to $150 and reiterated his overweight rating.

Persons: Doug Anmuth, Anmuth, AMZN, Goldman Sachs, Eric Sheridan, Sheridan, headwinds, Bank of America's Justin Post, Citi's Ronald Josey, Josey, Morgan Stanley's Brian Nowak, Nowak, Michael Bloom Organizations: Wall, Amazon, Web Services, Bank of America's, Amazon Web Services, 3Q Locations: Thursday's

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ UBS hikes Netflix price target ahead of earnings, says shares can jump nearly 20%
▼ + stars: | 2023-07-12 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors can expect a strong showing for Netflix during earnings season, UBS said. Netflix shares rose 0.6% in the premarket. NFLX 1D mountain Netflix shares 1-day "We are raising estimates following positive data on paid sharing. Checks on engagement, downloads & search interest were all constructive for the newly launched paid sharing markets," Hodulik wrote Tuesday. Netflix shares are already outperforming this year, up nearly 50%.

Persons: John Hodulik, Hodulik, — CNBC's Michael Bloom Organizations: Netflix, UBS Locations: Tuesday's, Canada

☆ Here are Monday's biggest analyst calls: Apple, Netflix, Amazon, Cava, Disney, Rivian, Tesla & more
▼ + stars: | 2023-07-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley upgrades Shockwave Medical to overweight from equal weight Morgan Stanley said shares of the cardiovascular medical device company are well positioned. Jefferies reiterates Tesla as hold Jefferies raised its price target on Tesla to $265 per shar from $185 but said it's standing by its hold rating. UBS reiterates Disney as buy UBS said it's cautious heading into Disney earnings in early August, but it's sticking with its buy rating. Morgan Stanley reiterates Netflix as equal weight Morgan Stanley raised its price target on the stock to $450 per share from $350 and said the risk/reward for Netflix is balanced. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's standing by its buy rating on the electric vehicle company. "

Persons: Estee Lauder, Wells, Fox, Morgan Stanley, Goldman Sachs, Goldman, Charles Schwab, JMP, Schwab, KBW, it's, Jefferies, Tesla, JPMorgan, Rivian, Stifel, Oppenheimer Organizations: Citi, Estee Lauder Citi, Fox News, Nvidia, company's Data, Bank of America, UBS, Disney, Netflix, Cava, JPMorgan, Apple, Weyerhaeuser, of America, Brands, Bell, KFC Locations: BlackRock, Amazon's, GMV, CAVA

July 7 (Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September. It also declined to consider PDVSA's request to bar the attachments from the district court case. Reporting by Gary McWilliams; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Venezuela's, Crystallex, Gary McWilliams, Daniel Wallis Organizations: Petroleum, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals, Rusoro Mining, PDV, Thomson Locations: Venezuela, Delaware

☆ Here are Wednesday's biggest analyst calls: Nike, Tesla, Amazon, Apple, Adobe, Uber, Micron and more
▼ + stars: | 2023-06-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.

Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's

☆ Wells Fargo says improving margins, new fulfillment model can boost Amazon shares more than 30%
▼ + stars: | 2023-06-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Amazon 's regional fulfillment center transition could drive more than 30% upside for shares, according to Wells Fargo. AMZN YTD mountain Amazon shares in 2023 The comments show the "regional FC model is already having a meaningful impact to fulfillment and shipping efficiency," Gawrelski wrote. As inflation eases and Amazon transitions to a smaller fulfillment center footprint, Gawrelski expects margins to return to 2018 levels by 2025. "We see North America retail margins improving more quickly than consensus with 2018 margins returning by 2025, implying significant OI upside," he said. Wells Fargo dropped coverage of Amazon when an analyst left earlier this year.

Persons: Ken Gawrelski, Andy Jassy, Gawrelski, Wells, — CNBC's Michael Bloom Organizations: FC, Amazon Locations: Wells Fargo, North America

HOUSTON, May 8 (Reuters) - A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The companies had won conditional attachments to a federal case in which the judge has approved a process to auction the shares to pay a $970 million judgment won by miner Crystallex. The six hold arbitration awards or judgments that total about $2.6 billion and wanted those awards to be included in the auction. The proposed auction, which could break up the seventh largest U.S. refiner to pay creditors, took a giant step forward last month with a greenlight from the U.S. Treasury. Washington has since recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors.

☆ Brazil's Oi postpones release of 2022 financial statements
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 22 (Reuters) - Brazilian telecom firm Oi SA (OIBR4.SA) said late Friday it decided to postpone the release of its 2022 financial statements to May 22, after an expected presentation of its judicial reorganization plan. Oi, however, release preliminary figures showing that it had consolidated net revenue of 2.62 billion reais ($518.96 million) in the fourth-quarter of last year. Its routine earnings before interest, taxes, depreciation and amortization (EBITDA) for Brazilian operations in the period came in at 320 million reais. The firm's cash position at the end of 2022 was 3.22 billion reais, Oi added. ($1 = 5.0486 reais)Reporting by Peter Frontini Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. extends Citgo's protection from creditors for three months
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 19 (Reuters) - The U.S. on Wednesday extended for three months a license that protects Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors trying to seize its assets to recoup pending debts. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) extended the general license until July 20, according to the department's website. Washington has since 2019 recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors. O-I Glass Inc (OI.N), Huntington Ingalls Industries (HII.N), ACL1 Investments, Rusoro Mining Ltd (RML.V) and Gold Reserve (GRZ.V) separately have won attachments contingent on obtaining U.S. Treasury approval to seize assets, or an end to the Treasury protection. ConocoPhillips (COP.N) separately has a claim against Venezuela valued at $1.29 billion over the nationalization of its oil assets in the country.

☆ PDVSA's supervising board to appeal new creditors' move to go after Citgo
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON, March 31 (Reuters) - A board that supervises Venezuela's overseas assets said it plans to file an appeal to a U.S. court's decision granting four firms the right to seize shares in one of the parent companies of Venezuela-owned U.S. refiner Citgo Petroleum. Other companies have sought to attach their own judgments to the case, leading to a feud this week among attorneys over priority. The decision by a U.S. judge in Delaware to approve the attachments is contingent on green light by the U.S. Treasury Department. An ad-hoc board created by Venezuela's National Assembly in 2019 to supervise PDVSA's foreign subsidiaries, especially Houston-based Citgo Petroleum, will oppose any conditioned auction, board's president Horacio Medina told Reuters. Reporting by Marianna Parraga and Gary McWilliams Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Wells Fargo upgrades Spotify, says stock can rally nearly 50% as margins expand
▼ + stars: | 2023-02-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

It's time to jump back into the Spotify bandwagon, according to Wells Fargo. Analyst Steven Cahall upgraded the audio streaming stock to to overweight from equal weight, saying the company is now "off margin probation." An expected price hike could also further improve gross margins for Spotify's Music division, according to Cahall. Additionally, Spotify received an upgrade to overweight by Atlantic Equities, which is optimistic about the company's gross margin expansion and advertising outlook. The stock has jumped 53.4% in 2023, as part of the tech stock rally .

☆ Here are Monday's biggest analyst calls: Apple, Tesla, Amazon, Netflix, Spotify, Disney, Uber & more
▼ + stars: | 2023-02-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Wells Fargo upgrades Spotify to overweight from equal weight Wells said the stock is coming off of "margin probation." Bernstein upgrades Diageo to outperform from market perform Bernstein said shares of the spirits company are compelling at current levels. " Wells Fargo reiterates Tesla as equal weight Wells said the industry dynamic surrounding EV pricing remains "challenged." Raymond James downgrades PayPal to market perform from outperform Raymond James said in its downgrade of PayPal that market share losses are growing. Cowen initiates Dick's as outperform Cowen said its survey checks show that Dick's continues to gain market share.

☆ Analysts say buy Amazon for the long term, despite recession concerns and slowing AWS growth
▼ + stars: | 2023-02-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

But even with these near-term headwinds, analysts remain confident in the long-term thesis for the e-commerce giant and its growth trajectory. The results from Amazon come on the heels of a difficult 2022 that saw the e-commerce bellwether shed roughly half its value and post its slowest year of growth . At the same time, revenue for its Amazon Web Services division fell short of Wall Street's estimates and showed slowing sales growth as business spending dwindles. Moderating growth within the company's cloud unit marked one of the biggest concerns for analysts, but nowhere near a shock. Revenue growth came in at 20% for the quarter, and below the already slow 27.5% growth rate the company experienced in third quarter.

☆ Billionaire-backed Americanas files for bankruptcy protection, shares tank
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +4 min

SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.

☆ Brazil's Americanas mulls filing for bankruptcy, shares tank as markets see move as imminent
▼ + stars: | 2023-01-19 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.

☆ Brazil's Oi exits bankruptcy protection after more than 6 years; shares jump
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Dec 15 (Reuters) - Shares in Brazilian telecom firm Oi SA (OIBR4.SA) soared on Thursday after it revealed it was exiting bankruptcy protection, marking the closure of a restructuring process that lasted more than six years. Oi filed in June 2016 for Brazil's then-biggest ever bankruptcy protection after running out of time to reorganize operations and restructure a multibillion-dollar debt amid a harsh recession in Latin America's largest economy. After the announcement, common shares in Oi jumped as much as 53% to 0.26 real in morning trading. Analysts at Genial Investimentos said the move was positive for the firm, even though they still thought Oi was financially weakened. Guide Investimentos echoed the concern and noted that despite being postponed several times, the end of the bankruptcy protection was already expected.

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