ADRs End Slightly Lower; Airmedia Group, BP Trade Actively
January 16 2018 - 6:00PM
Dow Jones News
International stocks trading in New York closed slightly lower
on Tuesday.
The BNY Mellon index of American depositary receipts dropped
0.1% to 160.82. The European index decreased 0.2% to 148.00. The
Asian index decreased 0.2% to 191.91. The Latin American index
increased 0.4% to 266.14. And the emerging-markets index dropped
0.01% to 345.51.
AirMedia Group Inc. (AMCN), BP Plc (BP) and Controladora Vuela
Compania de Aviacion SAB de CV (VLRS) were among those with ADRs
that traded actively.
China-based AirMedia announced Tuesday the company will
transform from a traditional airport advertising company to an
aviation and railway, long-haul bus Internet services company,
focusing on providing Internet services for passengers of airlines,
railways, and long-haul buses. The Company, through its subsidiary
AirMedia Online Group, set up a joint venture, called Unicom
AirMedia (Beijing) Network Co. Ltd., with China Unicom and another
investor, to build a global network for aeronautical communication,
and provide in-flight internet and other services. ADRs of AirMedia
rose 9.9% to $1.33.
British oil giant BP said Tuesday it would take a $1.7 billion
charge in 2018 because of settlement claims related to the
Deepwater Horizon disaster. The charge adds to a disaster bill that
BP last estimated at over $63 billion, a toll that continues to
mount years after the company reached a $20 billion settlement in
2015 with the U.S. government. The 2010 Gulf of Mexico explosion
killed 11 people and unleashed the worst offshore oil spill in
American history. ADRs of BP dropped 3.3% to $42.46.
Mexico-based Controladora Vuela Compania de Aviacion's Volaris
and Denver-based Frontier Airlines announced Tuesday a planned code
share, a rarity in the low-cost airline sector where such marketing
deals are mainly viewed as adding an expensive layer of complexity.
The two have ties through Indigo Partners' ownership of Frontier
and investment in Volaris, and together with the private equity
group's two other portfolio airlines last year agreed to a joint
430-jet deal with Airbus. ADRs of Volaris were up 8.3% to
$8.70.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
January 16, 2018 17:45 ET (22:45 GMT)
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