By Anna Prior
International companies trading in New York closed higher
Thursday as investors hoped a downward revision to first-quarter
U.S. economic growth could mean continued central bank
stimulus.
The Bank of New York index of ADRs add 0.5% to 138.90.
In the U.S., every data point related to economic growth is
being closely watched since Federal Reserve Chairman Ben Bernanke
indicated that the central bank could pull back on its stimulus
efforts should the economy continue to show signs of
improvement.
A revision to U.S. first-quarter gross domestic product showed a
slight decline in growth to 2.4%, from an initial estimate of 2.5%,
matching economists' expectations.
The data in the U.S. appeared to overshadow another sharp drop
for the Japanese stock market as investors questioned the continued
success of the government's policies aimed at boosting the
economy.
The European index rose 0.5% to 132.75.
U.K.-based chip maker ARM Holdings PLC (ARMH, ARM.LN) rose 2.1%
to $45.54 after analysts at J.P. Morgan Cazenove said in a note
that inventory data looks supportive of a continuing up-cycle for
the sector. Another chip maker, France-based STMicroelectronics NV
(STM, STM.FR), also added 2% to $9.50.
The Asian index increased 0.6% to 139.28.
Oppenheimer started Himax Technologies Inc. (HIMX) with an
outperform rating and $9 price target, saying the Taiwan-based
company is well positioned to supply in high volume the growing
need for complex display technologies used in smartphones, tablets,
TVs and the burgeoning market of wearable computing devices. Firm
said it sees Himax "becoming a household name" as wearable tech
gains traction. Shares jumped 12% to $7.44.
However, Yingli Green Energy Holding Co. (YGE) sharply widened
its fiscal first-quarter loss as the Chinese solar-products maker
reported lower revenue and narrower margins, while also naming a
new financial head. Shares fell 4.3% to $3.13. Fellow solar company
Hanwha SolarOne Co. (HSOL), meanwhile, narrowed its fiscal
first-quarter loss as the company logged strong revenue growth amid
higher shipments and also reported a positive gross profit. Still,
shares fell 12% to $1.67.
The Latin American index edged up 0.3% to 307.51, and the
emerging markets index rose 0.3% to 274.41.
Brazil's central bank raised interest rates more-than-expected
Wednesday night. Investors appear to like the move though, as
shares of airliner GOL Linhas Aereas Inteligentes SA (GOL,
GOLL4.BR) rose 1.9% to $4.93, government-run oil company Petroleo
Brasileiro SA (PBR, PETR3.BR, PETR4.BR) rose 1.6% to $18.20, and
mining giant Vale SA (VALE, VALE5.BR) added 1.3% to $15.10.
India-based Tata Motors Ltd. (TTM, 500570.BY) beat market
estimates Wednesday despite a 37% drop in its fourth-quarter net
profit as record vehicle sales at its Jaguar Land Rover Automotive
PLC unit helped offset a loss in its business in India. Shares
added to Wednesday's gains, rising 1.2% to $28.67.
Write to Anna Prior at anna.prior@dowjones.com