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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
08/29/201609:40:00Brazil's Rousseff Begins Testimony at Senate Impeachment Trial
08/25/201618:00:00S&P Cuts Rio de Janeiro State's Credit Rating
08/11/201619:40:00Brazil's Petrobras Posts Sharp Decline in Earnings
08/10/201607:40:00Brazil's BTG Pactual Profits Fall
08/02/201603:02:00Commodities Report: Aramco IPO Taps Gusher of Caution -- WSJ
07/30/201603:02:00Petrobras Sells Oil-Field Stake -- WSJ
07/29/201610:39:00Brazil's Petrobras Accelerates Asset Sales to Cut Debt -- Update
07/29/201607:39:00Brazil's Petrobras Accelerates Asset Sales to Cut Debt
07/29/201605:28:00Statoil Agrees on $2.5 Billion Deal for Brazil Oil License...
07/29/201603:30:00Statoil Agrees on $2.5 Billion Deal for Brazil Oil License
07/28/201606:29:00Aramco Buyer Beware: The Risky Track Record of Government Oil
07/21/201607:46:00Petrobras Announces Early Tender Results and Early Settlement...
07/18/201608:24:00Brazil Reaches Leniency Deal With SBM Offshore
07/13/201618:33:00ADRs End Mostly Lower; Nokia Rises
07/11/201609:39:00Petrobras Announces Tender Results And Settlement Of Tender Offer...
07/08/201607:55:00Oil & Gas Drilling & Exploration Stocks Coverage -- Petroleo...
07/07/201622:34:00Petrobras Announces The Pricing Of Reopening Of Outstanding Series...
07/07/201608:43:00Petrobras Announces Reopening of Outstanding Series of Global...
07/05/201618:34:00ADRs End Down; Oil and Gold Companies Trade Actively
06/24/201607:59:00Petrobras Announces Extension Of The Expiration Date, Increase...

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