ADR Report: Shares Decline On European Worries

Date : 02/22/2012 @ 5:12PM
Source : Dow Jones News
Stock : Yingli Green Energy Holding Company Limited Adr (YGE)
Quote : 2.69  0.0 (0.00%) @ 3:59PM

ADR Report: Shares Decline On European Worries

Yingli Green Energy Holding Company Limited Adr (NYSE:YGE)
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International companies trading in New York closed mostly lower Wednesday as investors remained uninspired by Greece's bailout deal and expressed disappointment with economic data showing business activity in Europe unexpectedly slowed.

The Bank of New York index of ADRs declined 0.3% to 131.72 as solar companies took a tumble.

Yingli Green Energy Holding Co. (YGE) lowered its forecast for fourth-quarter shipments and gross margin as the solar-panel maker said it will record impairment charges and an inventory provision, hurt by difficult solar-market conditions. Yingli Green's American depositary shares tumbled 10% to $4.33.

Shares of solar-sector peers also fell. ReneSola Ltd. (SOL) shed 4% to $2.90, Suntech Power Holdings Co. (STP, K3ND.SG) slipped 5.2% to $3.50 and Trina Solar Ltd. (TSL, K3KD.SG) fell 5.5% to $9.76.

The European index slumped 0.6% to 120.21 as a reading on business activity in the euro zone, which unexpectedly contracted in February, lowered sentiment.

Financial stocks tumbled, with Royal Bank of Scotland Group PLC (RBS, RBS.LN) off 3.5% at $8.54, ING Groep NV (ING, INGA.AE) trading down 2.3% to $8.75, Credit Agricole SA (CRARY, ACA.FR) declining 3.2% to $3.30 and Barclays PLC (BCS, BARC.LN) falling 2.9% to $14.97.

The Latin American index traded down 0.04% to 379.79.

Chile's LAN Airlines (LFL, LAN.SN) cut fares on its Chile-South America routes by as much as 40%, the company said Wednesday.

American depositary shares of both LAN Airlines and Brazil's TAM SA (TAM, TAMSY, TAMM4.BR), with whom LAN plans to merge early in the second quarter, traded down, with LAN ending off 1.5% at $27.23 and TAM closing down 1.6% at $23.71.

The Asian index added 0.3% to 130.24 and the emerging-markets index rose 0.2% to 314.44.

Shanda Games Ltd.'s (GAME) fourth-quarter earnings fell 17% even as the game developer's overseas product sales helped lift revenue. Per-share earnings beat the Street's consensus estimate and shares rose 9.4% to $4.30.

Partially offsetting those gains, Chunghwa Telecom Co. (CHT, 2412.TW), Taiwan's largest telephone company by revenue, said it expects its net profit to fall 16.8% this year as costs rise due to regulatory changes and increased competition. Chunghwa Telecom's stock dropped 3% to $30.64.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com




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