ADRs End Mostly Higher; Ericsson Trades Actively
October 20 2017 - 7:19PM
Dow Jones News
International stocks trading in New York closed mostly higher on
Friday.
The BNY Mellon index of American depositary receipts edged up
0.03% to 150.51. The European index improved 0.01% to 140.02. The
Asian index increased 0.11% to 175.22, and the emerging-markets
index improved 0.05% to 325.61.
Meanwhile, the Latin American index declined 0.11% to
255.35.
Ericsson (ERIC) was among those with ADRs that traded
actively.
China Mobile Ltd. (CHL, 0941.HK, K3PD.SG), China's largest
mobile carrier by subscribers, said net profit rose 4.6% in the
first nine months of the year on strong demand for faster wireless
services, despite intensifying competition. ADRs rose 1.7% to
$51.03.
Telecommunications-equipment giant Ericsson reported another
quarter of falling sales and widening losses as it struggles to
compete with new Chinese players, but investors saw signs that a
monthslong turnaround effort was starting to bear fruit. Gross
margin in its core network business improved to 31% from 28% in the
year-ago period, after adjusting for restructuring-related costs.
ADRs rose 9% to $6.45.
ADRs of InterContinental Hotels Group PLC (IHG, IHG.LN) fell
1.1% to $53.66 on Friday as the company reported a slowdown in
growth in the Americas and Asia compared to the year-ago period.
However, the company expects to meet full-year targets. ETX
Capital's Neil Wilson said cancellations hit revenue, but the
company seemed to have picked up business as people displaced by
hurricanes sought temporary accommodations and relief workers
needed places to stay.
(END) Dow Jones Newswires
October 20, 2017 19:04 ET (23:04 GMT)
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