International stocks trading in New York closed lower on
Tuesday, with the Bank of New York index of American depositary
receipts dropping 0.8% to 152.50. The European index fell 0.6% to
153.07, the Asian index declined 1.1% to 141.71, the Latin American
index slid 1.8% to 287.77 and the emerging markets index fell 1% to
282.87. Among the companies with shares that actively traded were
Vodafone PLC (VOD, VOD.LN) and Embraer SA (ERJ, EMBR3.BR).
Vodafone wrote down the value of its European operations by
GBP6.6 billion ($11.1 billion), citing intense price competition
and a fall in consumer spending in two of its key markets, Germany
and Spain, underscoring the strategic challenge the world's second
largest mobile operator by subscriptions faces as it pulls out of
the U.S. and concentrates on markets closer to home. Amid what some
analysts described as weak guidance for certain metrics, shares
fell 5.8% to $34.21.
The Brazilian air force plans to acquire 28 military cargo jets
from aircraft manufacturer Embraer worth 7.2 billion Brazilian
reais ($3.27 billion), the company said Tuesday. The KC-390 planes
will be delivered over a period of 10 years, with the first
delivery scheduled for the end of 2016. Shares rose 0.6% to
$33.78.
Lloyds Banking Group PLC (LYG, LLOY.LN) on Tuesday tightened
lending criteria on U.K. mortgages, responding to mounting fears
over a property bubble in the British capital. Shares rose 0.6% to
$5.08.
Large AstraZeneca PLC (AZN, AZN.LN) shareholders voiced opposing
views of the company's rejection of Pfizer Inc.'s (PFE) $120
billion takeover offer, demonstrating the difficulty of
coordinating the investor revolt that would be necessary to revive
the deal's prospects. AstraZeneca shares rose 2.2% to $72.20.
German software company SAP AG (SAP, SAP.XE) said it will
acquire SeeWhy Inc., a privately held U.S. company with 25
employees that produce software for personalized advertising
campaigns based on individuals' behavior. Shares fell 0.8% to
$74.81.
The chief executive of British chip designer ARM Holdings PLC
(ARMH, ARM.LN) said Tuesday that he expects the market for chips in
mobile, networking and microcontroller sectors to grow by about 50%
through 2018. Shares still dropped 2.5% to $42.83.
Deutsche Bank AG (DB, DBK.XE) has more than doubled the size of
an initial tranche of a special hybrid bond to EUR3.5 billion ($4.8
billion) because of strong demand from investors. Last year,
Germany's largest lender announced that it would issue a total of
EUR5 billion of the bonds by the end of 2015. Shares fell 0.6% to
$41.41.
Brady Dougan, the chief executive of Credit Suisse Group AG (CS,
CSGN.VX), said Tuesday that he never considered resigning during
the process of reaching a $2.6 billion settlement with U.S.
authorities that included a guilty plea by the bank for helping
Americans evade taxes. Mr. Dougan, speaking on a conference call to
explain the settlement, said he worked hard to clean up the
situation, which involved improperly recruiting U.S. clients to
take advantage of Swiss banking privacy laws. Shares rose 0.9% to
$29.37.
Write to Anna Prior at anna.prior@wsj.com
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