International stocks trading in New York closed lower Thursday,
with the Bank of New York index of American depositary receipts
falling 0.2% to 149.54. The European index was essentially flat at
148.61, the Asian index slipped 0.7% to 146.07, the Latin American
index dropped 1% to 268.51 and the emerging markets index fell 1.2%
to 265.38. Among the companies with shares that actively traded
were ARM Holdings PLC (ARMH, ARM.LN), Alcatel-Lucent SA (ALU,
ALU.FR) and Vale SA (VALE, VALE3.BR, VALE5.BR).
Deutsche Bank downgraded U.K. semiconductor and software design
firm ARM Holdings to hold from buy, saying it is waiting for better
entry points after the stock's strong finish to 2013. The
investment bank said that the share price now seems to ignore
several risks, including a 10%-13% downside risk to earnings per
share due to the ongoing mobile semiconductor inventory correction,
and Intel Corp. (INTC) potentially announcing further smartphone
design wins in the first quarter. ARM shares fell 8% to $48.79.
Deutsche Bank also downgraded French telecom-equipment maker
Alcatel-Lucent to hold from buy, saying a deteriorating mix will
put incremental pressure on gross margins. Shares fell 5.4% to
$4.36.
Brazilian stocks fell amid concern about slower economic growth
in China, Brazil's biggest trading partner. As such,
state-controlled oil company Petroleo Brasileiro SA (PBR, PETR3.BR,
PETR4.BR) fell 1.3% to $12.52, while the world's leading iron-ore
mining company, Vale, dropped 2.9% to $13.55.
Write to Anna Prior at anna.prior@wsj.com