ADRs End Lower; Baidu, Alibaba, BP Trade Actively
March 19 2018 - 06:33PM
Dow Jones News
International stocks trading in New York closed lower
Monday.
The BNY Mellon index of American depositary receipts dropped
1.1% to 152.04. The European index fell 0.7% to 138.16. The Asian
index declined 1.6% to 183.66. The Latin American index decreased
1.4% to 266.03. And the emerging-markets index fell 1.4% to
342.41.
Baidu Inc. (BIDU), Alibaba Group Holding Ltd. (BABA) and BP PLC
(BP) were among those with ADRs that traded actively.
Chinese internet giant Baidu is being opportunistic in
announcing calls with bond investors Monday for a potential
dollar-denominated deal. Last week, Moody's raised its ratings
outlook to stable on the internet-search provider, and Baidu is
also aiming to lock in lower costs ahead of Wednesday's anticipated
Fed rate increase. Given a sale may be capped at $1.5 billion amid
regulatory caps and sold the U.S. investors, pent-up demand may
help Baidu sell the bonds at lower rates. A deal could be split
into 5 1/2- and 10-year tranches, with proceeds helping refinance
$1 billion of debt due in August. ADRs of Baidu dropped 3.6% to
$252.83.
Alibaba Executive Chairman Jack Ma is doubling down on Southeast
Asia, investing another $2 billion in e-commerce subsidiary Lazada
Group and naming trusted confidante Lucy Peng as chief executive.
The investment announced Monday comes on top of the $2 billion the
e-commerce company has poured into Lazada since buying a majority
stake in 2016. Singapore-based Lazada operates online marketplaces
in six Southeast Asian countries including Indonesia, selling
everything from lipstick and car wax to instant coffee and
smartphones. ADRs of Alibaba dropped 2.9% to $194.53.
BP says it is looking to sell three of its four wind farms in
Texas. The sale will leave the company with 11 wind farms totaling
more than a gigawatt of wind power in eight U.S. states, including
in rural Indiana, where the company operates hundreds of turbines
across a trio of wind farms. BP said it plans to reinvest proceeds
from the sale of the three Texas farms in its wind portfolio, and
will ultimately look to improve operations at "higher-performing"
wind assets. The company, which also recently re-entered the solar
market, has plans to spend $500 million a year on low-carbon
businesses. ADRs of BP dropped 1.9% to $38.75.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
March 19, 2018 18:18 ET (22:18 GMT)
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