By Anna Prior
International companies trading in New York closed higher Monday
amid rising solar stocks and positive comments out of Japan about
its economy.
The Bank of New York index of ADRs added 0.3% to 142.69.
The Japanese government raised its assessment of the country's
economy, which offset some strengthening in the yen following
comments over the weekend by Japanese Economy Minister Akira Amari
that further weakness in the currency could be harmful.
In the U.S., investors looked ahead to Wednesday, when Federal
Reserve Chairman Ben Bernanke is scheduled to testify to Congress
and the Fed will release the minutes of its most recent
policy-setting meeting.
The Asian index climbed 0.6% to 147.88.
Chinese solar-panel maker JA Solar Holdings Co. (JASO) posted a
narrower first-quarter loss than analysts predicted, sending shares
soaring as a slight growth in revenue gave some investors a measure
of hope. JA Solar had seen its revenue fall for six straight
quarters, as the company struggled to compete in a global market
that has been saturated with solar panels and plagued with low
prices. Investors appeared to take the company's unchanged annual
outlook as cause for celebration. Shares surged 70% to $9.56.
The rally in JA Solar shares pushed up the shares of other solar
firms, including Chinese solar-panel maker Suntech Power Holdings
Co. (STP, K3ND.SG), which has been in bankruptcy proceedings in
China. Suntech shares rose 27% to 84 cents. Meanwhile, China
Sunergy Co. (CSUN) rose 50% to $2.52, Hanwha SolarOne Co. (HSOL)
rose 31% to $1.57, LDK Solar Co. (LDK) rose 20% to $1.83, Trina
Solar Ltd. (TSL, K3KD.SG) rose 20% to $6.78 and Yingli Green Energy
Holding Co. (YGE) rose 13% to $3.10.
Adding to gains were shares of Pactera Technology International
Ltd. (PACT). The Chinese information technology outsourcing firm
said Monday a consortium led by U.S. private-equity firm Blackstone
Group L.P. (BX) has put forward a take-private bid at $7.50 a
share. Pactera shares rose 31% to $6.87.
The European index edged up 0.2% to 134.22.
Shares of Ryanair Holdings PLC (RYAAY, RYA.DB, RYA.LN) jumped
5.3% to $47.19, after the Dublin-based budget airline reported a
13% rise in full-year profit and a 5% increase in passengers. The
company also forecast further growth in 2014 as it continued to
open new bases and routes and take market share from struggling
rival European carriers.
J.P. Morgan Cazenove reinstated coverage of chip maker
STMicroelectronics NV (STM, STM.MI, STM.FR) with an overweight
rating, after the company said it will cut costs and improve
revenue mix through a different customer focus. Shares rose 1.8% to
$9.61.
The Latin American index increased 0.5% to 321.78 and the
emerging-markets index rose 0.7% to 284.52.
Brasil Plural cut its year-end price target on Brazilian
steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR) by 25%,
but it reiterated its equal-weight recommendation on the shares.
Though the firm highlighted several major unknowns--including CSN's
possible acquisition of ThyssenKrupp's Steel Americas division and
a series of large tax liabilities--shares still rose 2.1% to
$3.38.
Write to Anna Prior at anna.prior@dowjones.com