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ADR Report: Shares Drop On Weakness In Overseas Markets

By John Kell Of DOW JONES NEWSWIRES NEW YORK (Dow Jones) -- Shares of international companies trading in New York closed lower Thursday, as a domestic economic-growth reading missed expectations and overseas markets turned in a weak performance. The Bank of New York index of American depositary shares slid 0.6% to 129.71. The European index decreased 0.7% to 118.77. Concerns regarding the euro zone returned, particularly with regards to Spain, where a nationwide general strike on Thursday forced the closure of some factories and was seen as a challenge to Prime Minister Mariano Rajoy's austerity and reform drive. ADRs of European financial stocks broadly declined, including a 3.5% decrease for Barclays PLC (BCS), a 3.2% drop in ING Groep NV (ING) and Deutsche Bank AG's (DB) 2.8% slip. HSBC Holdings PLC (HBC) said it agreed to buy Lloyds Banking Group PLC's (LYG) retail and commercial businesses in the United Arab Emirates, as Europe's largest bank looks to bolster its presence in the Middle East. HSBC shares fell along with other European financials, down 1.4%, while Lloyds dropped 2.3%. The Asian index fell 0.7% to 128.64. Semiconductor Manufacturing International Corp.'s (SMI) shares closed down 0.4% after the company reported it swung to a loss in 2011 because of a double-digit decline in revenue as customers switched to more advanced chips. Other Asia-based semicondutor firms that notched declines included Silicon Motion Technology Corp. (SIMO), down 3.1%, and United Microelectronics Corp.'s (UMC) 4.9% decline. The emerging-markets index decreased 0.4% to 303.43. Russian coal and steel group Mechel OAO (MTL) warned that as a result of a decline in market prices for its products, it expects to breach some financial covenants in certain credit facilities for the year ended Dec. 31. Mechel said it was launching discussions with its lenders to seek waivers and amendments to some of those facilities. Mechel's stock fell 3%. The Latin American index inched down to 368.88. The merger between Chile's Lan Airlines SA (LAN.SN) and Brazil's TAM SA (TAM) will likely be completed in six weeks, said LAN Chief Executive Enrique Cueto on Thursday. The combined airline would be the largest carrier in the region and one of the world's 10 largest in terms of revenue. TAM's ADRs slid 0.4%. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Mechel Oao (MTL)
DateTimeHeadline
03/03/201403:22:53Gazprom, Industrials Plunge In Micex Rout -- Market Talk
12/03/201316:58:24ADR Shares End Lower As Investors Eye Friday Jobs Report
11/18/201313:10:43Mechel Agrees With Main Lenders on Easing Debt
11/18/201312:53:23Mechel Agrees With Main Lenders on Easing Debt - Sources
11/14/201308:53:10Sberbank CEO: Mechel Debt-Restructuring Process Proceeding Normally...
04/30/201308:50:42Mechel Signs 3-Year Coal Deal With Korea's POSCO
04/29/201317:05:41ADR Shares Rise on Gains for Mining, Energy Stocks
04/17/201310:54:23Mechel Resumes Work at Some Idled West Virginia Mines
03/04/201317:20:53ADR Shares Close Mixed; Property, Mining Stocks Slump After China...
02/20/201317:13:37ADR Shares End Lower; Gold Mining Companies Hit Hard
01/11/201318:12:09ADR Shares End Mixed; Metals, Mining Stocks Fall on China Inflation...
12/10/201217:22:36ADR Report: Shares End Slightly Higher, Boosted by Mining Stocks
10/15/201206:12:33Mechel Secures $775 Million Credit for Russian Mine
08/27/201217:15:27ADR Report: Shares End Lower; Steelmakers Slump
06/20/201217:32:20ADR Report: Shares End Higher on Central Bank Support
05/02/201217:19:50ADR Report: Shares Lower As Euro Zone Worries Grow
03/29/201217:23:17ADR Report: Shares Drop On Weakness In Overseas Markets
03/05/201217:26:20ADR Report: Shares Lower As China Cuts Growth Target
12/28/201110:48:23Evraz Secures $610 Million Loan Amid Volatile Market Conditions
12/15/201104:08:33Mechel Net Profit Plummets

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