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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
04/22/201608:40:00BTG Pactual Sells 2 Insurance Stakes to French Insurer
04/18/201609:10:00Statoil: Positive Production Test of Gavea Appraisal Well in...
04/15/201616:00:00Politician Who Wants to Impeach Brazil's President Has His Own...
04/15/201615:50:00Brazil Assets Are Attractive as Companies Try to Cut Debt
04/15/201603:54:00Aker Solutions Gets $125 Million Subsea Services Pact From Petrobras
04/13/201614:00:00Brazil's Economy Tanks as Political Upheaval Looms
04/07/201611:30:00Brazil Bank Says Its Probe of Ex-CEO Finds No Basis to Corruption...
04/07/201607:00:00Swiss Banks at Risk of Harboring Corruption Proceeds, Says Regulator
04/04/201617:56:00ADRs End Mosly Lower; Brazilian Companies Trade Actively
03/24/201611:00:00Oil Prices Extend Fall as Stockpile Worries Resurface
03/21/201609:10:00Portugal Arrests Suspect in Petrobras Probe
03/21/201609:03:00Portugal Arrests Suspect in Petrobras Probe
03/17/201613:30:00Switzerland to Return $70 Million From Banks as Part of Petrobras...
03/17/201613:16:00Switzerland to Return $70 Million From Banks as Part of Petrobras...
03/16/201617:20:00In Gambit, Brazil's Embattled President Names da Silva to Cabinet
03/05/201617:55:00One Worker Injured in Fire at Petrobras Unit's Refinery Near...
03/02/201617:18:00Brazilian Shares Rise as Vale Gains, Real Strengthens Against...
02/29/201618:41:00ADRs End Mixed; Vale, Petrobras Rise
02/26/201619:06:00Brazil's Petrobras Signs Pact for $10 Billion in Loans From China
02/25/201619:50:00Bill to Open Brazil's Offshore Oil Fields to Foreigners Still...

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