ADR Report: Shares Lower On Continued Concerns Over Greece

Date : 05/15/2012 @ 4:57PM
Source : Dow Jones News
Stock : Arcelor Mittal NY Registry Shares New (MT)
Quote : 29.0  0.14 (0.49%) @ 12:06AM

ADR Report: Shares Lower On Continued Concerns Over Greece

Mittal Steel (NYSE:MT)
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International companies trading in New York closed lower Tuesday, as Greece accepted that it must hold new elections after failing to form a coalition government.

The Bank of New York index of ADRs fell 1.4% to 116.47 as the concerns over Greece prompted investors to sell European banking shares.

National Bank of Greece SA (NBG, ETE.AT) sank 7% to $1.72.

Societe Generale SA (SCGLY, GLE.FR) dropped 4.6% to $3.99, Credit Agricole SA (CRARY, ACA.FR) tumbled 7.8% to $1.90 and Banco Santander (STD, SAN.MC) ended 3.5% lower at $5.81.

The European index declined 1.5% to 107.26.

Germany's two largest steelmakers Tuesday forecast sharp drops in full-year operating profit as a fragile economy continues to weigh on demand and prices for the companies' products. ThyssenKrupp AG (TYEKY, TKA.XE) and Salzgitter AG (SZG.XE) warned the sovereign-debt crisis in the euro zone as well as rising prices for energy and raw materials still pose considerable threats for the global economy.

ThyssenKrupp dropped 4.6% to $5.06 and fellow steelmaker ArcelorMittal SA (MT, MT.AE, MT.FR) dropped 4.1% to $14.97.

The Asian index fell 1.2% to 117.13.

VanceInfo Technologies Inc.'s (VIT) first-quarter profit dropped 52% as the information-technology-services provider's input costs, including higher wages, continued to pressure margins. The increased expenses masked continued growth in demand for the company's outsourcing services, and VanceInfo raised its full-year revenue guidance.

VanceInfo's stock ended down 3.9% at $10.49.

The Latin American index shed 1.7% to 311.72 while the emerging-markets index ended 1.1% lower at 269.67.

Weak first-quarter earnings could be followed by more disappointment in the second quarter for Brazilian airline TAM SA (TAM, TAMM4.BR), UBS said. After falling 22% from a year earlier last quarter, earnings could deteriorate even further in the second quarter as the period is seasonally poor for the sector, the firm said. Shares of TAM tumbled 4.1% to $22.21.

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

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