ADR Report: Shares Edge Fractionally Higher On European Gains
January 26 2012 - 4:59PM
Dow Jones News
International companies trading in New York closed fractionally
higher Thursday, outperforming the broader markets, as a round of
disappointing economic data offset strong earnings from blue chips
and the Federal Reserve's pledge to hold down interest rates.
The Bank of New York Index of ADRs gained 0.1% to 128.10, held
in positive territory by corporate results from Europe.
Nokia Corp. (NOK, NOK1V.HE), the world's largest handset maker
by volume, posted fourth-quarter results that beat market
expectations despite swinging to a loss on charges and write-downs.
The Finnish company's shares gained 2.5% to $5.40.
Globally diversified mining company Anglo American PLC (AAUKY,
AAL.LN) said its production of nickel contained in ferronickel, a
raw material used in stainless steelmaking, more than doubled in
the fourth quarter after the start-up of new installations in
Brazil. Shares added 1.5% to $21.42.
The European index climbed 0.3% to 117.36.
Struggling French retailer Carrefour SA (CRRFY, CA.FR) is in the
home stretch of hiring clothing executive Georges Plassat to
replace Chief Executive Lars Olofsson, according to people close to
the situation. Plassat could sign on to replace Olofsson as early
as next week, according to these people. Shares rose 5.1% to
$4.72.
But shares in Logitech International SA (LOGI, LOGN.VX) dived
12% to $7.20 after the computer peripherals maker issued its fourth
profit warning in 12 months. The world's largest maker of computer
mice lowered its full-year sales and operating profit outlook for
its 2012 fiscal year, which ends March 31.
The Latin American index slipped 0.9% to 371.74.
The transportation arm of Brazilian state energy company
Petroleo Brasileiro S/A (PBR, PETR4.BR), or Petrobras, reported an
oil leak at its Osorio terminal in Rio Grande do Sul state,
Transpetro said in a statement Thursday. Petrobras's shares dropped
1.9% to $31.21.
Brazilian mining giant Vale SA (VALE, VALE5.BR) said late
Wednesday it faces a tax bill of BRL9.8 billion ($5.6 billion),
plus penalties and interest, after "unfavorable rulings" at the
administrative level. The company said in an email that it plans to
appeal to delay payment of the tax on income at its foreign
subsidiaries until the case goes to trial. Shares fell 1.6% to
$24.64.
The Asian index closed 0.2% lower at 125.09, and the emerging
markets index dropped 0.5% to 305.90.
Chinese solar companies provided a ray of light with China
Sunergy Co. (CSUN), whose shares soared 13% to $2.25, leading the
gains. Peer ReneSola Ltd. (SOL) jumped 8.9% to $2.32. But those
gains couldn't prevent both indexes from finishing in the red.
Taiwanese semiconductor company Silicon Motion Technology
Corp.'s (SIMO) shares plunged 9.9% to $20.93 after SanDisk Corp.
(SNDK)--which makes flash memory for smartphones, tablets and other
devices--provided soft guidance for first-quarter and full-year
revenue. Needham & Co. said Silicon Motion could have some risk
for weakness based on SanDisk's commentary.
Harmony Gold Mining Company Ltd. (HMY, HAR.JO) said an employee
was fatally injured Wednesday following an accident at shaft bottom
at its Doornkop mine near Randfontein. Operations have been stopped
until such time as all investigations into the accident have been
completed, sending the South African miner's shares down 1.7% to
$11.82.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314;
ian.thomson@dowjones.com
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