ADR Report: Downbeat Solar News Drags Shares Lower

Date : 07/30/2012 @ 5:40PM
Source : Dow Jones News
Stock : Petroleo Brasileiro S.A.- Petrobras (PBR)
Quote : 8.69  0.0 (0.00%) @ 4:00AM

ADR Report: Downbeat Solar News Drags Shares Lower

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   By Mia Lamar and Anna Prior 
 

International companies trading in New York closed lower Monday, following a slew of downbeat news from solar companies and a big Friday runup in the broader index.

The Bank of New York index of ADRs closed down 0.04% to 120.17. A trio of solar stocks ranked as the weakest performers of the day, led by a 15% drop in Suntech Power Holdings Co. (STP, K3ND.SG).

Suntech said Monday it may have been a victim of fraud in a financing deal involving 560 million euros ($686.4 million) in German government bonds that a third-party investor provided as collateral. The company said its attorneys came across the problem at Global Solar Fund as part of an effort to "monetize its investment," or sell assets held by Global Solar Fund.

The Asian index fell 0.8% to 116.50. Trina Solar Ltd. (TSL, K3KD.SG) ended solidly in the red after the solar company cut its second-quarter guidance, citing an overcapacity-induced deflationary-pricing environment and lower-than-expected shipment volume. Shares slumped 11% to $4.84. Another solar decliner, China's Yingli Green Energy Holding Co. Ltd. (YGE), ended the day down 11% at $1.83.

The European index ticked up 0.3% to 112.20.

Shares of Nokia Corp. (NOK, NOK1V.HE) rose 2.8% to $2.17 after the struggling Finnish handset maker unveiled a plan aimed at retaining key talent during its turnaround effort. The plan boosts the maximum number of stock options Nokia can hand out to certain senior level employees by 35%.

"None of these additional stock options will be granted to the CEO and the Nokia Leadership Team members but rather to key senior level employees who are critical in carrying forward Nokia's strategy," the company said.

Credit Suisse Group AG (CS, CSGN.VX) bucked the index's slight gains after Barclays lowered its target price on the stock to roughly $15.84 from about $17.37, saying challenges remain for Credit Suisse despite progress with its additional capital measures. Shares dropped 4.2% to $17.14.

The Latin America index slipped 0.1% to 323.35, while the emerging-markets index fell 0.4% to 271.58.

Brazilian state-run energy giant Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, will spend $5.6 billion through 2016 to reverse declining output at the company's oldest offshore oil fields, company officials said Monday. U.S-listed shares fell a penny to end at $20.46.

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

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