Investing
Venezuelan Currency Devaluation Hits Consumer Goods, Oil
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There are not likely to be the only firms in this fix. Other consumer goods makers are also likely to feel some pain. Avon Products Inc. (NYSE: AVP), Clorox Co. (NYSE: CLX), Procter & Gamble Co. (NYSE: PG), and H.J. Heinz Co. (NYSE: HNZ) are also exposed to Venezuela’s devaluation. Chevron Corp. (NYSE: CVX) participates in six projects in the country and France’s Total SA (NYSE: TOT) also holds interests in several projects in Venezuela. So far none has indicated any charge-offs related to the devaluation.
Today’s revelations from Colgate and Halliburton have had little impact on share prices. Colgate’s stock is flat in the early afternoon, and Halliburton’s shares posted a new 52-week high of $41.44 earlier today.
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