International stocks trading in New York closed higher on
Tuesday. The Bank of New York index of American depositary receipts
rose 0.79% to 157.65. The European index increased 0.8% to 155.06,
the Asian index improved 0.84% to 152.06, the Latin American index
rose 0.62% to 312.21 and the emerging markets index increased 1.1%
to 304.02. Among the companies with shares that actively traded
were ARM Holdings PLC (ARMH, ARM.LN) and Deutsche Bank AG (DB,
DBK.XE).
Computer-chip designer ARM Holdings PLC (ARMH, ARM.LN) reported
a rise in second-quarter profit helped by higher licensing revenue,
though growth was soft in the royalties it earns when manufacturers
ship chips. Chief Financial Officer Tim Score said the company's
slowing revenue growth from royalties was affected by manufacturers
of smartphone and similar devices trying to use up their inventory
of 3G chips. The company also said it would raise its interim
dividend 20%. Shares rose 7% to $45.55.
An examination by the Federal Reserve Bank of New York found
that Deutsche Bank's giant U.S. operations suffer from a litany of
serious problems, including shoddy financial reporting, inadequate
auditing and oversight and weak technology systems, according to
documents reviewed by The Wall Street Journal. The criticism from
the New York Fed represents a sharp rebuke to one of the world's
biggest banks, and as federal regulators say they are increasingly
focused on the health of overseas lenders with substantial U.S.
operations. Shares fell 2.9% to $34.80.
Credit Suisse Group AG (CS, CSGN.VX) on Tuesday reported a
sizable loss for the second quarter, as the Swiss bank continues to
absorb the impact of a U.S. legal settlement reached two months
ago. Credit Suisse is also weathering a period when many large
investment banking operations are suffering from a cyclical
downturn. It has scaled back some businesses and announced Tuesday
that it has exited commodities trading. Shares fell 1.9% to
$28.50.
Aluminum Corporation of China (ACH, 2600.HK, 601600.SH ,K3HD.SG)
shares surged as the industrial metal enters a bull market and a
short squeeze takes place. "Seven years of bear markets in aluminum
has trained the Street to think Chalco only ever goes down," stated
Reorient Group, saying it is likely to outperform metals stocks in
the short term. Chalco's shares have gained 15.5% over the past
month as investors bet on commodity demand recovering in China, as
the global aluminum glut eases. Shares rose 6.8% to $10.71.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires