ADRs End Mostly Higher; Ericsson Trades Actively
October 09 2017 - 6:20PM
Dow Jones News
International stocks trading in New York closed mostly higher on
Monday.
The BNY Mellon index of American depositary receipts edged up
0.1% to 149.18. The European index improved 0.1% to 139.05. The
Asian index improved 0.4% to 173.01. And the emerging-markets index
increased 0.1% to 322.96.
Meanwhile, the Latin American index fell 1.2% to 253.19.
Ericsson AB (ERIC) was among those with ADRs that traded
actively.
Ericsson's proposal to appoint Ronnie Leten as chairman, as well
as the company's recent partnerships and investments into 5G, are
positive steps, according to Gary Paulin, head of global equities
for Northern Trust Capital Markets. Having successfully ran a large
organisation like Atlas Copco, Mr. Leten's appointment to Ericsson
is likely to be taken positively by markets, notwithstanding the
many challenges Ericsson still face, Mr. Paulin adds. However, he
cautions that another profit warning is possible and there is a
"monumental" amount of work to do to release them from their past.
ADRs rose 2.8% to $5.89.
UK medical technology business Smith & Nephew PLC (SNN,
SN.LN) said Monday that Chief Executive Olivier Bohuon is to retire
by the end of 2018. Mr. Bohuon, 58 years old, is retiring after
seven years in the post. The board is searching for a successor.
ADRs closed down 1.3% at $36.14.
Unilever PLC (UL, ULVR.LN) pulled an online video ad for its
blockbuster brand Dove and apologized after critics called the spot
racist. The video, which recently appeared on Dove's U.S. Facebook
page, showed a young black woman taking off a T-shirt and then
morphing into a white woman, who in turn takes off her T-shirt, and
turns into an Asian woman. It quickly attracted criticism on
Facebook and Twitter over the weekend -- users accused the
treatment of being racist and insensitive -- culminating in
Unilever's decision to take the ad down. "The short video was
intended to convey that Dove body wash is for every woman and be a
celebration of diversity, but we got it wrong," said a Unilever
spokeswoman Monday. "We apologize deeply and sincerely for the
offense that it has caused and do not condone any activity or
imagery that insults any audience." ADRs closed up 0.2% at
$57.08.
(END) Dow Jones Newswires
October 09, 2017 18:05 ET (22:05 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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