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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
08/19/201517:15:50Report of Foreign Issuer (6-k)
07/27/201508:44:14Report of Foreign Issuer (6-k)
07/01/201509:08:00Report of Foreign Issuer (6-k)
07/01/201508:50:42Report of Foreign Issuer (6-k)
06/29/201508:49:44Report of Foreign Issuer (6-k)
06/23/201510:37:00Report of Foreign Issuer (6-k)
06/23/201506:14:29Report of Foreign Issuer (6-k)
06/22/201510:41:51Report of Foreign Issuer (6-k)
06/09/201507:07:42Report of Foreign Issuer (6-k)
06/05/201510:30:06Mechel and VTB Reach Deal on Debt
06/05/201510:21:35Mechel and VTB reach Deal on Debt
06/05/201505:31:14Russia's Mechel Reaches Preliminary Debt Restructuring Deal With...
04/29/201509:11:27Report of Foreign Issuer (6-k)
04/28/201512:22:41Report of Foreign Issuer (6-k)
04/28/201506:29:01Report of Foreign Issuer (6-k)
04/28/201506:15:00Mechel Reports the 2014 Financial Results
04/28/201503:45:00Mechel Reports 2014 Operational Results
04/24/201507:58:24Report of Foreign Issuer (6-k)
04/21/201507:50:28Report of Foreign Issuer (6-k)
04/21/201507:48:15Mechel Signs Service Agreement With Sinara Transport Machines

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