ADRs End Higher; Shire Rallies
January 12 2016 - 6:06PM
Dow Jones News
International stocks trading in New York closed higher
Tuesday.
Shire PLC (SHPG, SHP.LN) was among the companies with ADRs that
traded actively.
The BNY Mellon index of American depositary receipts rose 0.61%
to 119.16. The European index increased 0.68% to 119.60, the Asian
index improved 0.44% to 127.98, the Latin American index rose 0.58%
to 132.84 and the emerging markets index increased 0.91% to
198.29.
Shire rallied 6.8% to $180.90 on Tuesday, a day after the
Dublin-based pharmaceutical company reached a $32 billion agreement
to buy rival Baxalta Inc., as shareholders appeared to have changed
their tune on the deal. Shire's ADRs had dropped 8.9% to $169.37 on
Monday.
BP PLC (BP, BP.LN) said it would slash about 4,000 jobs from its
exploration-and-production unit--about one-sixth of the staff in
that business--over the next year or so, the latest in a wave of
cuts across an industry beset by plummeting oil prices. ADRs fell
19 cents to $28.65.
Stephane Richard, the chief executive of French
telecommunications giant Orange SA (ORAN, ORA.FR), said its
proposed merger with rival Bouygues SA's mobile phone assets is far
from done and could be derailed by antitrust issues and the
complexity of combining two of France's largest phone operators.
Orange's ADRs rose 3.8% to $17.13.
Brazilian state-run oil company Petroleo Brasileiro SA (PBR,
PETR3.BR, PETR4.BR), or Petrobras, trimmed its production targets
and drastically cut its investment budget for the coming years
after its sanguine projections for oil prices and exchange rates
didn't pan out and as it struggles to sell assets. ADRs fell 5.9%
to $3.49.
U.K. industrial firm Melrose Industries PLC is considering a bid
for the lighting business of Philips NV (PHG, PHIA.AE), The Wall
Street Journal reported. The Dutch electronics group has said that
it plans to separate its lighting business in the first half of
2016 and is exploring either a sale or an initial public offering
of the bulk of the unit, which could be valued as high as €6
billion ($6.5 billion), the Journal said. Philips's ADRs rose 2% to
$25.06.
German business software provider SAP SE (SAP, SAP.XE) late
Monday pre-announced some figures for the fourth quarter and fiscal
year 2015, reporting a 3% drop in operating profit for the fourth
quarter of 2015, even as it laid out an optimistic guidance for
2016. ADRs rose 2.3% to $80.36.
Brazilian mining giant Vale SA (VALE, VALE3.BR, VALE5.BR,
VALE5.FR) said it will draw $3 billion from revolving credit lines
to help pay off bonds due this month after taking longer than
expected to sell assets amid the commodity downturn. ADRs fell 6.7%
to $2.37.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
January 12, 2016 17:51 ET (22:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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