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ADR Report: Shares Lower On Continued Concerns Over Greece

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Tuesday, as Greece accepted that it must hold new elections after failing to form a coalition government. The Bank of New York index of ADRs fell 1.4% to 116.47 as the concerns over Greece prompted investors to sell European banking shares. National Bank of Greece SA (NBG, ETE.AT) sank 7% to $1.72. Societe Generale SA (SCGLY, GLE.FR) dropped 4.6% to $3.99, Credit Agricole SA (CRARY, ACA.FR) tumbled 7.8% to $1.90 and Banco Santander (STD, SAN.MC) ended 3.5% lower at $5.81. The European index declined 1.5% to 107.26. Germany's two largest steelmakers Tuesday forecast sharp drops in full-year operating profit as a fragile economy continues to weigh on demand and prices for the companies' products. ThyssenKrupp AG (TYEKY, TKA.XE) and Salzgitter AG (SZG.XE) warned the sovereign-debt crisis in the euro zone as well as rising prices for energy and raw materials still pose considerable threats for the global economy. ThyssenKrupp dropped 4.6% to $5.06 and fellow steelmaker ArcelorMittal SA (MT, MT.AE, MT.FR) dropped 4.1% to $14.97. The Asian index fell 1.2% to 117.13. VanceInfo Technologies Inc.'s (VIT) first-quarter profit dropped 52% as the information-technology-services provider's input costs, including higher wages, continued to pressure margins. The increased expenses masked continued growth in demand for the company's outsourcing services, and VanceInfo raised its full-year revenue guidance. VanceInfo's stock ended down 3.9% at $10.49. The Latin American index shed 1.7% to 311.72 while the emerging-markets index ended 1.1% lower at 269.67. Weak first-quarter earnings could be followed by more disappointment in the second quarter for Brazilian airline TAM SA (TAM, TAMM4.BR), UBS said. After falling 22% from a year earlier last quarter, earnings could deteriorate even further in the second quarter as the period is seasonally poor for the sector, the firm said. Shares of TAM tumbled 4.1% to $22.21. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

Stock News for Mittal Steel (MT)
DateTimeHeadline
11/21/201412:30:09EUROPE MARKETS: European Stocks Enjoy China, Draghi Economic-policy...
11/21/201411:24:49EUROPE MARKETS: European Stocks Enjoy China, Draghi Economic...
11/21/201407:24:13EUROPE MARKETS: European Stocks Rally After China Rate Cut, ECB...
11/07/201402:20:03ArcelorMittal Posts Second Consecutive Profit
10/28/201404:36:18ArcelorMittal's M&A, China, India Head Sudhir Maheshwari To Leave...
10/07/201403:35:51Linde to Build Unit to Supply Gases to ArcelorMittal Steel Plant
09/09/201411:09:04EUROPE MARKETS: Morrisons, L'Oréal: Europe's Big Stock Moves
09/09/201411:08:09EUROPE MARKETS: Morrisons, L'Oreal: Europe's Big Stock Moves
09/08/201423:06:05EUROPE MARKETS: Electrolux Rallies, U.K. Banks Slump: Europe's...
08/26/201412:47:13EUROPE MARKETS: ArcelorMittal Climbs; Antofagasta Slides: European...
08/26/201406:03:37European Stocks Pause as Investors Still Mull Draghi's Hint at...
08/25/201417:30:50French Economy Minister's Exit Reflects Divisions
08/14/201413:35:30ArcelorMittal Said to Send Letter of Intent for Ilva Steel Plant...
08/08/201419:32:21Ebola Virus Outbreak Is Public Health Emergency, World Health...
08/08/201413:10:15ArcelorMittal Contractor Moving Workers out of Liberia
08/01/201419:46:16ArcelorMittal Warns on Profit as Lower Iron-Ore Price Takes Toll--Update
08/01/201412:11:04EUROPE MARKETS: ArcelorMittal, Iliad Slump In Europe; AXA Climbs
08/01/201405:15:49ArcelorMittal Agrees to Buy Stake in Guinea's Mount Nimba Iron-Ore...
08/01/201404:13:50ArcelorMittal Warns on Profit as Lower Prices Take Toll -- Update
07/21/201416:40:37Severstal to Sell Its North American Units -- Update

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