ADRs End Lower; Novo Nordisk Falls
June 14 2016 - 6:05PM
Dow Jones News
International stocks trading in New York closed lower on
Tuesday.
Novo Nordisk A/S (NVO, NOVO-B.KO) was among the companies with
ADRs that traded actively.
The BNY Mellon index of American depositary receipts fell 1.5%
to 117.82. The European index decreased 1.9% to 115.29, the Asian
index edged down 0.5% to 127.42, the Latin American index fell 2.1%
to 167.27 and the emerging markets index eased 0.7% to 222.37.
Novo Nordisk's ADRs fell 4.8% to $52.12 after data for the
Denmark drugmaker's Victoza diabetes treatment failed to meet Wall
Street expectations. The company said its Leader trial showed the
drug cut the risk of cardiovascular death by 13%. But investors had
hoped for more, especially because rival treatment Jardiance from
Eli Lilly & Co. (LLY) and Boehringer Ingelheim GmbH showed a
similar, 14% reduction in its cardiovascular-outcomes trial, EP
Vantage said. It adds Novo Nordisk was hoping for strong trial
results to add the positive heart impact to Victoza's label and win
over skeptical payers.
ADRs of Baidu Inc. (BIDU, K3SD.SG) fell 1.7% to $160.84 a day
after the Chinese internet giant cut its quarterly revenue
guidance, citing lower medical advertising as Chinese regulators
heighten scrutiny of the fast-growing medical sector.
Alibaba Group Holding Ltd. (BABA) released an annual revenue
forecast for the first time, projecting growth of 48% for the
fiscal year ending in March as the Chinese e-commerce company seeks
to alleviate investors' concerns about its growth prospects. ADRs
rose 3.1% to $77.77.
The Norwegian government approved Statoil ASA's (STO, STL.OS)
8.2 billion kroner ($981 million) Oseberg Vestflanken 2 plan, which
is set to extend the life of the aging Oseberg field center and
provide much-needed work for the country's struggling oil-service
sector. ADRs fell 1.6% to $15.92.
Total SA (TOT, FP.FR) said it bought 100% of Belgium-based power
utility Lampiris as part of the French oil major's strategy to
diversify into renewable energy and electricity. The company will
pay between 150 million euros ($168 million) and 200 million euros,
a Total spokeswoman said. ADRs fell 2.3% to $45.39.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 14, 2016 17:50 ET (21:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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