ADR Report: Shares Lower As Euro-Zone Worries Loom
May 17 2012 - 5:45PM
Dow Jones News
International companies trading in New York ended lower
Thursday, in line with the broader market, as continued worries
about Greece and concerns about the health of Spanish banks dragged
down shares.
The Bank of New York index of ADRs fell 1.5% to 113.53.
Spanish banks tumbled on reports that Bankia SA customers were
pulling money out of the Spanish bank and speculation that Moody's
Investors Service could downgrade the Spanish banking sector.
After U.S. stock markets closed, Moody's downgraded 16 Spanish
banks by between one and three notches.
Banco Santander SA (STD, SAN.MC) dropped 1.9% to $5.56 and Banco
Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) ended down 2.9% at
$5.97.
The European index tumbled 1.8% to 104.41.
U.K. insurer Aviva PLC (AV, AV.LN) Thursday said it will conduct
a strategic review of all its businesses and strengthen its capital
base, in what may lead to the company's most important overhaul
since 2007. Shares of the insurer dropped 5.2% to $8.40.
Human Genome Sciences Inc. (HGSI) has adopted a
shareholder-rights plan to shield it from a $2.6 billion hostile
takeover bid from British drugs firm GlaxoSmithKline PLC's (GSK,
GSK.LN). Shares of GlaxoSmithKline declined 2.3% to $44.35.
The Asian index slipped 0.6% to 114.51 and the emerging markets
index shed 2% to 261.64.
U.S. trade officials ordered 31% duties on China's top makers of
solar panels. The Department of Commerce said products made by
Suntech Power Holdings Co. (STP, K3ND.SG), Trina Solar Ltd. (TSL,
K3KD.SG) and 59 other Chinese exporters will face the 31%
antidumping duty, which it said it was levying because the
companies sold their products in the U.S. at less than fair
value.
Shares of Suntech Power fell 5.8% to $2.13 and Trina Solar
traded down 7.9% to $6.08. Other solar companies also fell, with
Yingli Green Energy Holding Co. (YGE) off 13% at $2.80.
The Latin American index dropped 2.5% to 302.84.
Argentina's Grupo Petersen missed a $400 million payment to
creditor banks on Wednesday, which could allow them to seize the
shares of oil company YPF SA (YPF, YPFD.BA) backing the loan.
Shares of YPF dropped 1.6% to $12.97.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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