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ADR Report: Downbeat Solar News Drags Shares Lower

By Mia Lamar and Anna Prior International companies trading in New York closed lower Monday, following a slew of downbeat news from solar companies and a big Friday runup in the broader index. The Bank of New York index of ADRs closed down 0.04% to 120.17. A trio of solar stocks ranked as the weakest performers of the day, led by a 15% drop in Suntech Power Holdings Co. (STP, K3ND.SG). Suntech said Monday it may have been a victim of fraud in a financing deal involving 560 million euros ($686.4 million) in German government bonds that a third-party investor provided as collateral. The company said its attorneys came across the problem at Global Solar Fund as part of an effort to "monetize its investment," or sell assets held by Global Solar Fund. The Asian index fell 0.8% to 116.50. Trina Solar Ltd. (TSL, K3KD.SG) ended solidly in the red after the solar company cut its second-quarter guidance, citing an overcapacity-induced deflationary-pricing environment and lower-than-expected shipment volume. Shares slumped 11% to $4.84. Another solar decliner, China's Yingli Green Energy Holding Co. Ltd. (YGE), ended the day down 11% at $1.83. The European index ticked up 0.3% to 112.20. Shares of Nokia Corp. (NOK, NOK1V.HE) rose 2.8% to $2.17 after the struggling Finnish handset maker unveiled a plan aimed at retaining key talent during its turnaround effort. The plan boosts the maximum number of stock options Nokia can hand out to certain senior level employees by 35%. "None of these additional stock options will be granted to the CEO and the Nokia Leadership Team members but rather to key senior level employees who are critical in carrying forward Nokia's strategy," the company said. Credit Suisse Group AG (CS, CSGN.VX) bucked the index's slight gains after Barclays lowered its target price on the stock to roughly $15.84 from about $17.37, saying challenges remain for Credit Suisse despite progress with its additional capital measures. Shares dropped 4.2% to $17.14. The Latin America index slipped 0.1% to 323.35, while the emerging-markets index fell 0.4% to 271.58. Brazilian state-run energy giant Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, will spend $5.6 billion through 2016 to reverse declining output at the company's oldest offshore oil fields, company officials said Monday. U.S-listed shares fell a penny to end at $20.46. Write to Mia Lamar at mia.lamar@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
03/08/201717:22:00ADRs End Lower; Petrobras Trades Actively
02/18/201703:02:00Ten Nations Join Brazil Graft Probe -- WSJ
02/17/201710:04:00Brazil, 10 Other Countries Coordinate Odebrecht Probes
02/09/201706:05:00Petrobras Announces Final Tender Results and Final Settlement...
01/26/201706:14:00Petrobras Announces Early Tender Results And Early Settlement...
01/24/201706:53:00Petrobras Announces Increase of Tender Cap and Extension of Early...
01/13/201709:36:00Petrobras Texas Refinery Reports FCCU Shutdown For Tune-Up
01/11/201705:20:00Braskem to Sell QuantiQ for BRL500 Million to GTM Holdings
01/09/201720:39:00Petrobras Announces The Pricing Of Global Notes And Increase...
01/09/201707:55:00Petrobras Announces Offering Of Global Notes And Commencement...
12/24/201603:02:00Petrobras Wants Part of Settlement -- WSJ
12/23/201610:56:00Brazil's Petrobras Plans to Claim Part of Odebrecht's Anticorruption...
12/22/201603:02:00Brazil Giant Settles Bribery Case -- WSJ
12/21/201619:25:00Brazil's Petrobras Expects $1.6 Billion From Total Deal in Next...
12/21/201617:59:00Brazil's Odebrecht to Pay Up to $4.5 Billion to Settle Bribery...
12/21/201617:34:00Brazil's Petrobras Says Partnership With France's Total Worth...
12/21/201614:42:00Brazil's Odebrecht, Affiliate, to Pay at Least $3.5 Billion to...
12/21/201608:31:00Odebrecht to Pay $2.6 Billion to Settle Bribery Claims
12/17/201611:23:00Brazilian Ex-President da Silva and Son Indicted Over Alleged...
12/13/201608:40:00Brazil's Big Companies Hinder Its Brazil's Big Companies Hinder...

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