II changed their view on TIM today downgrading it to hold. People must be interpreting that as a sell today.
II have increased the level of their concern about the business and its debt, partly exacerbated by delays in their end of year reporting and also the weather. A continuing very low price of TIM (<50 cents) will also have an adverse impact trhough dilution later on when TIMPB converts. But I guess we already knew that.
TIMPB seems to be pricing TIM at about 22.5 cents so I don't think the today's sell off is that warranted and doesn't make sense either, but given the way the market has been who knows what to think anymore and I can't make sense of it.
TIM Price at posting:
44.5¢ Sentiment: LT Buy Disclosure: Held
