ADRs End Mostly Lower; Anheuser-Busch InBev, AstraZeneca Trade Actively
July 27 2017 - 7:14PM
Dow Jones News
International stocks trading in New York closed mostly down on
Thursday.
The BNY Mellon index of American depositary receipts eased 0.11%
to 145.63. The Asian index declined 0.36% to 167.12. The Latin
American index declined 0.37% to 232.90. And the emerging-markets
index fell 0.71% to 305.60.
Meanwhile, the European index edged up 0.04% to 137.28.
Anheuser-Busch InBev NV (BUD, ABI.BT) and AstraZeneca PLC (AZN,
AZN.LN) were among those with ADRs that traded actively.
Anheuser-Busch InBev, the world's largest brewer by sales,
reported surging profit due to its integration of rival beer giant
SABMiller as sales of Budweiser and Bud Light continued to decline
in the U.S., its largest market. But AB InBev said its best-selling
brand in the U.S., Bud Light, lost almost a full percentage point
of market share in the three months to June 30--a
steeper-than-expected retreat in a long-running, beer-sales war
usually fought in tenths of a percent. Budweiser also lost market
share--more than a third of a percentage point in the U.S. ADRs
rose 6% to $122.84.
AstraZeneca reported disappointing results for a closely watched
lung-cancer drug trial, wiping away almost $14 billion of market
value Thursday and raising fresh questions about the company's
growth plans. The trial, dubbed Mystic, aimed to show that the
combination of two of AstraZeneca's immuno-oncology drugs--designed
to boost the immune system's ability to attack cancer cells--could
increase their individual disease-fighting prowess. AstraZeneca
said the trial instead showed the combination was no better than
standard chemotherapy at shrinking tumors in newly diagnosed
advanced lung cancer. ADRs fell 15% to $28.88.
Spirits-maker Diageo PLC (DEO, DGE.LN) plans to cut costs of
GBP700 million ($920 million) with the help of zero-based budgeting
and the deployment of robotics in its back office. The British
company on Thursday raised its savings target by GBP200 million, as
it works to achieve its overall savings goal by the end of its 2019
financial year. ADRs rose 5% to $127.23.
Royal Dutch Shell PLC (RDSA, RDSA.LN, RDSB, RDSB.LN) is whipping
its business into shape for a world in which oil prices are "lower
forever," Chief Executive Ben van Beurden says, riffing on the
mantra of "lower for longer" that the industry adopted at the
beginning of the oil-price downturn. The company is continuing work
to drive down costs and improve efficiency. "We are getting fit for
the 40s," Mr. van Beurden said, referring to a scenario where oil
prices are below $50 a barrel. ADRs rose 1.6% to $56.40.
(END) Dow Jones Newswires
July 27, 2017 18:59 ET (22:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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