ADR Report: Shares Lower As Euro-Zone Worries Loom

Date : 05/17/2012 @ 5:45PM
Source : Dow Jones News
Stock : Yingli Green Energy Holding Company Limited Adr (YGE)
Quote : 2.48  0.0 (0.00%) @ 8:00AM

ADR Report: Shares Lower As Euro-Zone Worries Loom

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International companies trading in New York ended lower Thursday, in line with the broader market, as continued worries about Greece and concerns about the health of Spanish banks dragged down shares.

The Bank of New York index of ADRs fell 1.5% to 113.53.

Spanish banks tumbled on reports that Bankia SA customers were pulling money out of the Spanish bank and speculation that Moody's Investors Service could downgrade the Spanish banking sector.

After U.S. stock markets closed, Moody's downgraded 16 Spanish banks by between one and three notches.

Banco Santander SA (STD, SAN.MC) dropped 1.9% to $5.56 and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) ended down 2.9% at $5.97.

The European index tumbled 1.8% to 104.41.

U.K. insurer Aviva PLC (AV, AV.LN) Thursday said it will conduct a strategic review of all its businesses and strengthen its capital base, in what may lead to the company's most important overhaul since 2007. Shares of the insurer dropped 5.2% to $8.40.

Human Genome Sciences Inc. (HGSI) has adopted a shareholder-rights plan to shield it from a $2.6 billion hostile takeover bid from British drugs firm GlaxoSmithKline PLC's (GSK, GSK.LN). Shares of GlaxoSmithKline declined 2.3% to $44.35.

The Asian index slipped 0.6% to 114.51 and the emerging markets index shed 2% to 261.64.

U.S. trade officials ordered 31% duties on China's top makers of solar panels. The Department of Commerce said products made by Suntech Power Holdings Co. (STP, K3ND.SG), Trina Solar Ltd. (TSL, K3KD.SG) and 59 other Chinese exporters will face the 31% antidumping duty, which it said it was levying because the companies sold their products in the U.S. at less than fair value.

Shares of Suntech Power fell 5.8% to $2.13 and Trina Solar traded down 7.9% to $6.08. Other solar companies also fell, with Yingli Green Energy Holding Co. (YGE) off 13% at $2.80.

The Latin American index dropped 2.5% to 302.84.

Argentina's Grupo Petersen missed a $400 million payment to creditor banks on Wednesday, which could allow them to seize the shares of oil company YPF SA (YPF, YPFD.BA) backing the loan. Shares of YPF dropped 1.6% to $12.97.

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

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