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ADR Report: Shares Slide As Greek Fears Trigger Bank Losses

By Ian Thomson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Friday, in line with the broader markets, as uncertainty over Greece intensified after euro-zone finance ministers held off on approving the country's second bailout. The Bank of New York Index of ADRs dropped 1.8% to 129.85, with banks driving the losses. National Bank of Greece SA's (NBG, ETE.AT) shares tumbled 9.2% to $3.44, and France's three largest banks all posted sharp declines. Societe Generale SA (SCGLY, GLE.FR) closed 8.5% lower at $6.06, Credit Agricole SA (CRARY, ACA.FR) slipped 7.6% to $3.42, and BNP Paribas SA (BNPQY, BNP.FR) fell 6.1% to $22.91. UBS lowered its stock-investment rating on ING Groep NV (ING, INGA.AE) to neutral from buy, citing a strong share performance relative to the sector in the past year. "With asset quality worsening and our concerns over the Dutch mortgage market, the risk to earnings estimates is to the downside," the firm said. ING shares slid 7% to $8.54. The European index fell 1.5% to 119.09. Demand for diamonds will be lower this year due to the dismal global economic climate, diamond mining company De Beers SA said. The announcement weighed on the shares of fellow mining company Anglo American PLC (AAUKY, AAL.LN), whose shares lost 5.1% to close at $21.55. J.P. Morgan Cazenove downgraded Britain's National Grid PLC (NGG, NG.LN) to neutral from overweight, noting that the 2012 outlook for Europe's second-best performing utility over the past 12 months is more challenging given upcoming regulatory reviews. Shares closed down 1.6% at $50. The Latin American index slipped 2.4% to 375.48. Heavy fuel imports, dry oil wells and impairment charges combined to send fourth-quarter net profit at Brazilian federal oil company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, plummeting more than 50% year-on-year, falling well short of analysts' expectations. Shares slumped 7.6% to $29.57. Crude oil futures prices fell in line with broader market declines as the International Energy Agency cut its estimates for global oil demand this year. That led to losses for other South American oil and gas companies. Argentina's YPF SA (YPF, YPFD.BA) fell 1.5% to $34.32, and Colombia's Ecopetrol SA (EC, ECP.T, ECOPETROL.BO) declined 1% to $52.91. The Asian index closed 2.2% lower at 126.70, and the emerging markets index dropped 2.1% to 309.84. Advanced Semiconductor Engineering Inc. (ASX, 2311.TW), the world's largest chip-packaging and testing company by revenue, saw its fourth-quarter net profit fall 46% because of weaker global demand. The Taiwan-based company's shares slid 3.2% to $4.79. Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) said its unconsolidated revenue in January fell 1.1% from the same month last year. The world's largest contract chip maker by revenue also said consolidated revenue slipped 2.3% from a year earlier. Shares closed 3.1% lower at $13.84. Citigroup suggested the recent rally in solar stocks may be getting ahead of itself, arguing that margins may not snap back as quickly and noting demand is coming from China and India, where prices are "very, very low." China's solar companies slumped, with Yingli Green Energy Holding Co. (YGE) tumbling 9.5% to $5.34, Trina Solar Ltd. (TSL, K3KD.SG) closing 7.3% lower at $10.15 and Hanwha SolarOne Co. (HSOL) falling 5.6% to $2.20. -By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com

Stock News for Trina Solar Ltd Adr (TSL)
DateTimeHeadline
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