ADR REPORT: Shares End Lower on Concerns Over Demand

Date : 07/10/2012 @ 5:40PM
Source : Dow Jones News
Stock : Cummins Inc. (CMI)
Quote : 145.56  -0.58 (-0.40%) @ 5:42PM

ADR REPORT: Shares End Lower on Concerns Over Demand

Cummins (NYSE:CMI)
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   By Mia Lamar 
 

International companies trading in New York ended lower Tuesday after a string of closely watched companies in the U.S. cut forecasts due to a cooling global economy.

The Bank of New York index of ADRs fell 0.9% to 116.83. U.S.-based heavy machinery company Cummins Inc. (CMI) and chip-equipment maker Applied Materials Inc. (AMAT) were among the firms to cite weak global demand as cause for reduced projections.

The Asian index fell 1.4% to 115.77. Australia's mining companies were particularly hard hit after Chinese trade data showed imports grew less than expected in June.

Among individual stocks, Rio Tinto Plc (RIO, RIO.AU) fell 1.9% to $46.33 and BHP Billiton Ltd. (BHP, BHP.AU) slumped 2.2% to $62.94.

The European index fell 0.6% to 108.31. Shares of Norwegian oil group Statoil ASA (STO, STL.OS) ended 2 cents higher at $23.29 after Norway ended what would have been a crippling lockout for the country's oil and gas industry.

Elsewhere, shares of Dutch semiconductor maker ASML Holding NV (ASML, ASML.AE) surged 8.5% to $52.57 after the company secured a deal with Intel Corp. (INTC), its largest customer, to develop technologies for smartphones and tablet PCs. Intel will spend up to $3.1 billion to take a stake of as much as 15% in ASML under the deal.

The Latin American index fell 1.3% to 311.79 and the emerging markets index fell 1.2% to 264.83.

Weak economic data hit Brazil's steel companies, driving Companhia Siderurgica Nacional (SID, CSNA3.BR) down 3.4% to $5.38 and Gerdau SA (GGB, GGBR3.BR, GGBR4.BR) 2.2% lower to $8.43.

-Write to Mia Lamar at mia.lamar@dowjones.com




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