A 3.2 billion dollar loss. Will the pain never end. I want to cry, yes cry, and cry some more. This is terrible news. I believe trading at 7 is a gift. I think I will take my losses and never look back here again. I quit. So much hard earned money lost. I hope no one else feels this pain.
If the price of oil corrects, you can expect PBR to easily see sub 7 again and possibly much lower. What we know now is that they are not going out of business in the next three months. Who knows if the true extent of the required write downs have been identified. A smart play would be to watch before investing for what some think is an inevitable down draft, significant in nature.
But this situation is not looking good at all for longs. I wish I could be more optimistic. Sadly, that is not possible. I suspect a filing could occur any day now as the financial situation is very dire.