Yesterday's Analyst Upgrade Still Not Lifting Vale (VALE) Shares

Despite an upgrade from an analyst at Morgan Stanley yesterday, shares of Brazil's Vale S.A. (NYSE: VALE) are continuing lower once again today. The stock tumbled more than 7% yesterday and although it opened higher this morning, shares of Vale are now down about 1% to $15.73.

Morgan Stanley lifted its investment rating on the massive Brazilian miner from Underweight, the equivalent of Sell, to Equalweight.

Also possibly affecting the stock today, Vale announced in a Form 6-K that it has priced a $941.66 million offering of andatorily convertible notes due 2012.

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