ADRs End Lower; NQ Mobile Rises
May 17 2016 - 6:43PM
Dow Jones News
International stocks trading in New York closed lower on
Tuesday.
NQ Mobile Inc. (NQ) was among the companies with ADRs that
traded actively.
The BNY Mellon index of American depositary receipts edged down
0.42% to 121.52. The European index eased 0.34% to 120.00, the
Asian index dropped 0.51% to 128.22, the Latin American index fell
0.77% to 175.70 and the emerging markets index declined 0.56% to
225.04.
NQ Mobile Inc. (NQ) agreed to sell a majority stake in its
mobile-game arm in a deal that values the business at 5 billion
Chinese yuan ($767 million). The mobile Internet provider, which
has headquarters in Dallas and Beijing,in late August unveiled a
"binding agreement" to sell its "entire stake" in FL Mobile at a
valuation of no less than 4 billion yuan. But it has been several
years since NQ Mobile first tried to shed the business. ADRs rose
11% to $4.52.
BP PLC (BP, BP.LN) said its head of exploration, Richard
Herbert, is leaving the U.K. oil giant. The company said Mr.
Herbert's departure follows a decision to streamline the executive
team managing exploration and production, known as "upstream" in
industry parlance. ADRs rose 16 cents to $32.22.
ADRs of Diageo PLC (DEO, DGE.LN) fell 1.7% to $107.34 a day
after the spirits giant said its sales in Latin America for the
fiscal year ending in June would be hit by an accounting error
related to sales of its its high-end tequila brand Don Julio last
year.
Brazilian state-run oil company Petroleo Brasileiro SA (PBR,
PETR3.BR, PETR4.BR) plans to issue new debt to cover a buyback of
up to $3.58 billion of outstanding bonds maturing in coming years.
ADRs fell 6 cents to $7.09.
Novartis AG (NVS, NOVN.EB) said its head of pharmaceuticals,
David Epstein, is to leave the company amid a restructuring that
will split his role in two. Novartis disclosed Mr. Epstein's
departure as the company announced plans to separate its cancer
unit from the rest of the pharmaceuticals business. ADRs rose 8
cents to $75.71.
Vodafone Group PLC (VOD, VOD.LN, VOD.JO), the world's
second-largest mobile carrier behind China Mobile Ltd., reported
its first full year of organic growth in both revenue and core
earnings since 2008. The U.K.-based company said it was finally
reaping benefits from "Project Spring," its recently completed
two-year effort to improve and expand its network. ADRs rose 2.6%
to $33.58.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 17, 2016 18:28 ET (22:28 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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