ADRs End Mostly Lower; Alibaba, Baidu Trade Actively
May 27 2016 - 5:26PM
Dow Jones News
By Maria Armental
International stocks trading in New York closed mostly lower on
Friday.
The BNY Mellon index of American depositary receipts eased 0.08%
to 124.88. The European index edged down 0.12% to 124.13. The Asian
index improved 0.24% to 131.88. The Latin American index fell 1% to
168.39. And the emerging-markets index increased 0.43% to 227.65.
Alibaba Group Holding (BABA) and Baidu Inc. (BIDU) were among the
companies with ADRs that traded actively.
Moody's Investors Services said Friday that while it is too
early to determine any consequences of the Securities and Exchange
Commission's investigation into Alibaba's accounting practices, the
company has plenty of cash to weather a storm. On Wednesday,
Alibaba disclosed the SEC investigation and described three areas
of query: 1) Alibaba's business unit consolidation practices
including its 47%-owned Cainiao logistics network 2) Alibaba's
related-party transactions and 3) Alibaba's reporting on China's
biggest online shopping day, Singles' Day. Shares closed up 3% at
$80.97.
U.S. health regulators on Friday raised concerns about
AstraZeneca PLC's (AZN, AZN.LN) potassium-lowering drug ZS-9.
AstraZeneca acquired ZS-9 with its $2.7 billion purchase of
California biotechnology company ZS Pharma Inc. last year.
AstraZeneca said the Food and Drug Administration's complete
response letter is about manufacturing issues, not the drug. Shares
eased 0.2% to $29.88.
ADRs of Baidu rose 4% to $185.01 on Friday, a day after the
company said it had changed its search algorithm, after the Chinese
government ordered it to revamp the way it handled advertising
results in online searches to cap ads at 30% of results displayed
on the page and attach "eye catching markers" to all paid results
so search users can distinguish promotions from other results.
Separately, Baidu said this week it would shut down discussion
forums on literature that are suspected of piracy.
European regulators on Friday approved GlaxoSmithKline PLC's
(GSK, GSK.LN) treatment for a rare disease called ADA-SCID,
commonly referred to as "bubble boy" disease. Children born with
the genetic disorder have faulty immune systems that fail to
protect them from bacteria and viruses. The treatment, Strimvelis,
will be one of the few gene therapies to hit the market. ADRs
closed down 0.8% at $42.75.
JinkoSolar Holding Co. Ltd.'s (JKS) first-quarter results easily
beat analysts' estimates as shipments were well above what the
Chinese company projected in early March. Still, the company
affirmed shipment projections for the year. ADRs fell 3% to
$22.71.
Shareholders of Dublin-based pharmaceutical company Shire PLC
(SHPG, SHP.LN) and U.S.-based Baxalta Inc. on Friday approved the
companies' proposed $32 billion merger. The deal, subject to
customary closing conditions, is expected to close on June 3. Shire
ADRs closed down 2% at $186.96.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 27, 2016 17:11 ET (21:11 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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