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