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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
07/15/201405:37:29Skanska Gets Brazilian Offshore Platform Contract Renewals
06/19/201403:54:08Lundin Petroleum Starts Drilling Malaysian Well
06/17/201410:31:36Biden Says Confident Brazil-U.S. Relations Can be Restored
06/10/201416:40:33Vallourec Cuts 2014 Guidance as Large Clients Delay Orders
06/03/201410:15:50Brazilian Presidential-Election Challengers Back Ethanol Industry
05/15/201417:15:53Soros Sells Out of J.P. Morgan, Bank of America, Citigroup
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
05/02/201417:07:10ADR Shares End Mostly Higher; InterContinental Hotels, RBS Shares...
04/29/201420:41:10Brazil Senate to Probe Petrobras Refinery Purchase
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/08/201417:41:31ADR Shares End Mostly Higher; Veolia Shares Active
04/01/201414:42:11Repsol Begins Operations at Peru Gas Field
03/31/201417:16:48ADR Shares End Higher; ING, Novartis Shares Active
03/18/201413:21:03Correction to Brazil's Petrobras Bribery Story on Monday
03/17/201413:28:05Brazil's Petrobras Bribery Investigation Continues
03/11/201413:41:59Brazil's Petrobras Reveals BRL8.77 Billion in Tax Disputes
03/10/201417:42:18ADR Shares End Lower; Petrobras Shares Active
03/10/201416:39:49BOND REPORT: Treasury Prices Inch Up Ahead Of Debt Supply
03/10/201413:49:32BOND REPORT: Treasury Prices Swing Higher Ahead Of Debt Supply

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