ADR Report: Shares Lower As Spain Worries Weigh On Financials
May 30 2012 - 5:41PM
Dow Jones News
International companies trading in New York closed sharply lower
Wednesday, in line with the broader market, as Spain's financial
crisis deepened, causing greater euro-zone concern.
The Bank of New York index of ADRs tumbled 2.3% to 111.49.
Spain's banks saw an erosion in deposits, intensifying that
country's crisis. Retail and corporate deposits in Spanish banks
fell to their lowest level since the euro-zone debt crisis began,
according to data published by the European Central Bank.
Shares of Spanish banks fell, with Banco Santander SA (STD,
SAN.MC) dropping 2.6% to $5.25 and Banco Bilbao Vizcaya Argentaria
SA (BBVA, BBVA.MC) ending off 3.1% at $5.63.
Other financials in the region also traded down, including
Credit Agricole SA (CRARY, ACA.FR), off 3.8% at $1.79, and BNP
Paribas SA (BNPQY, BNP.FR), off 3% at $15.31.
The European index declined 2.4% to 102.45.
National Bank of Greece SA (NBG, ETE.AT), the country's largest
lender by assets, Wednesday announced more than half a billion
euros in losses for the first quarter on account of rising bad
loans, but sought to ease investor concerns about its cash position
in the face of recent deposit withdrawals. Shares of the bank
tumbled 5.3% to $1.44.
A Berlin-based district court said Wednesday it has rejected a
request from Veolia Environnement SA (VE, VIE.FR) for a temporary
injunction on a transaction in which German peer RWE AG (RWEOY,
WE.XE) plans to sell its minority stake in a water utility to the
city-state of Berlin. Shares of Veolia Environnement lost 2.8% to
$11.47 and shares of RWE AG ended off 2.1% at $36.43.
Mercedes-Benz has furloughed more than 10%, or 1,500, of its
Brazilian workforce in response to a drop in demand for trucks and
buses, the Financial Times reported Wednesday, citing the company.
Shares of Daimler AG (DDAIF, DA.XE), which owns the auto maker,
dropped 3.9% to $46.98.
The Asian index fell 2.2% to 111.49.
Perfect World Co.'s (PWRD) first-quarter earnings fell 21% as
the Chinese online-game developer reported flat revenue and higher
expenses. Shares sank 5.9% to $10.82 as the company issued a
downbeat revenue view for the current quarter.
The Latin American index ended off 2.1% at 303.02.
Royal KPN NV (KKPNY, KPN.AE) reiterated Wednesday that America
Movil SAB's (AMX, AMOV, AMX.MX) partial tender offer undervalues
Royal KPN significantly.
Shares of America Movil lost 1.4% to $23.99.
The emerging markets index closed 2.2% lower at 259.31.
Tata Motors Ltd. (TTM, 500570.BY) Tuesday topped market
estimates with a more than twofold rise in quarterly profit and
said it plans to merge its U.K.-based Jaguar and Land Rover
businesses. Profit margins disappointed some analysts though, and
shares fell 9.9% to $20.84.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
Banco Santander (NYSE:STD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Banco Santander (NYSE:STD)
Historical Stock Chart
From Sep 2023 to Sep 2024