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ADR Report: Shares Lower As Euro Zone Worries Grow

By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Wednesday, in line with the broader market, as economic data from the euro zone weighed on sentiment. The Bank of New York index of ADRs slumped 0.7%, to 126.45, as European banks fell. The seasonally adjusted unemployment rate in the 17-nation euro zone rose to 10.9% in March, a euro-era high, from 10.8% in February. Meanwhile, euro-zone manufacturing activity shrank in April at a faster pace than previously estimated. Spain's Banco Santander (STD, SAN.MC) slumped 5.6%, to $6.03, as the weak euro-zone data escalated concerns about the economic crisis on the continent and particularly recession-plagued Spain. Other banks in the region also traded down, with Credit Agricole SA (CRARY, ACA.FR) falling 5%, to $2.46, and BNP Paribas SA (BNPQY, BNP.FR) losing 2.2%, to $19.94. The European index declined 1%, to 115.94. Daimler AG (DDAIF, DAI.XE) Chief Financial Officer Bodo Uebber Wednesday dismissed recent media reports suggesting the German auto maker strengthened its defense strategy against a possible takeover and reiterated the company won't spin off its truck division in the foreseeable future. Shares of the German car maker slipped 2.3%, to $54.71. Offsetting those losses, however, was Technicolor SA (TCLRY, TCH.FR), which jumped 33%, to $2.46. French sovereign fund Fonds Strategique d'Investissement, or FSI, together with another investor, might buy a stake in Technicolor, a troubled cinema production services provider and manufacturer of TV set-top boxes, said Industry Minister Eric Besson Wednesday in a statement. The Asian index fell 0.2%, to 126.16. SK Telecom Co. (SKM, 017670.SE), South Korea's largest mobile carrier by subscribers, said Wednesday its first-quarter net profit fell, as lower phone fees and higher spending on faster network technology hurt its bottom line. Shares dropped 0.8%, to $13.48. Tata Motors Ltd. (TTM, 500570.BY) shares fell 4.1%, to $28.66, after the Indian car maker's local sales in April fell 5%. The Latin American index dropped 0.3%, to 352.97. Gerdau SA's (GGB, GGBR3.BR, GGBR4.BR) shares ended down 1.2%, at $9.34, as Barclays Capital said the steelmaker is set to report weak first-quarter results on depressing margins from its Brazilian unit. The unit may report declining EBITDA margin, hurt by disruptions at its iron ore business on heavy rains in January and cost pressures, mainly in coking coal, Barclays said. The emerging markets index inched up 0.1%, to 298.44. Shinhan Financial Group (SHG, 055550.SE) Wednesday reported a smaller-than-expected 10.6% on-year fall in its first-quarter net profit as it set aside more in loan-loss provisioning. Shares rose 0.9%, to $70.34. Offsetting those gains was Russian metals and mining company Mechel OAO (MTL, MTLR.RS), which said late Tuesday it has failed to file its annual report for 2011 on time as its management was busy with talks with the company's lenders on changing loans conditions. Shares fell 4.5%, to $8.24. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;

Stock News for Mechel Oao (MTL)
10/12/201505:10:00Mechel Reports Launch of the New Long Wall Face at Olzherasskaya-Novaya...
09/21/201520:46:14Mechel Reports the 1H 2015 Financial Results
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09/18/201512:02:01Report of Foreign Issuer (6-k)
09/18/201511:08:47Report of Foreign Issuer (6-k)
09/15/201509:51:36Report of Foreign Issuer (6-k)
09/15/201509:39:02Report of Foreign Issuer (6-k)
09/15/201506:06:24Report of Foreign Issuer (6-k)
09/10/201511:11:42Report of Foreign Issuer (6-k)
09/09/201510:47:41Report of Foreign Issuer (6-k)
09/04/201506:11:15Report of Foreign Issuer (6-k)
09/02/201511:36:57Report of Foreign Issuer (6-k)
08/31/201511:47:20Report of Foreign Issuer (6-k)
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)

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