Stock Market Today, Oct. 26: Vale Falls on Brazil Election Outcome and Recent UBS Target Cut
Vale (NYSE:VALE), a global iron ore, copper, and nickel mining producer, closed at $12.00, down 3.23%. The stock fell from weakness tied to Brazil's election outcome and a recent price target cut, while investors are watching Oct. 29 earnings.
Trading volume reached 92.9 million shares, coming in about 207% above its three-month average of 30.3 million shares. Vale IPO'd in 2002 and has grown 432% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,677, up 0.70%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,169, up 0.82%. Among diversified metals and mining peers, BHP Group closed at $79.13, up 1.64%, and Rio Tinto Group closed at $83.72, up 0.36%, offering a firmer read-through for iron ore-heavy names than Vale's slide.
What this means for investors
Vale stock dipped after Brazil's election outcome, along with most Brazil-linked names. The bearish sentiment follows an analyst price cut from last week. UBS lowered its target price from $15.00 to $14.50 per share while maintaining a neutral rating late last week.
Today's election news just added to the weakness in the name. Brazil's incumbent President Lula defeated the conservative candidate in an election that the latter still hasn't conceded. Flávio Bolsonaro was seen as a potential ally to business and mining interests in the county.
Investors now will be watching for Vale management's comments on metals pricing and business conditions when it reports Q3 on Oct. 29.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends BHP Group. The Motley Fool has a disclosure policy.
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