ADRs End Lower; GlaxoSmithKline, BBVA and Credit Suisse Trade Actively
March 23 2018 - 6:02PM
Dow Jones News
International stocks trading in New York closed lower on
Friday.
The BNY Mellon index of American depositary receipts dropped 1%
to 147.72. The European index fell 0.6% to 134.28. The Asian index
declined 1.8% to 177.09. The Latin American index decreased 0.5% to
265.30. And the emerging-markets index dropped 1.5% to 331.16.
GlaxoSmithKline PLC (GSK), Banco Bilbao Vizcaya Argentaria S.A.
(BBVA) and Credit Suisse Group AG (CS) were among those with ADRs
that traded actively.
UK-based GlaxoSmithKline said Friday that it has withdrawn from
discussions to buy Pfizer Inc.'s (PFE) consumer-healthcare
business. "While we will continue to review opportunities that may
accelerate our strategy, they must meet our criteria for returns
and not compromise our priorities for capital allocation," said
Chief Executive Emma Walmsley. On Thursday, Reckitt Benckiser Group
PLC (RB.LN) announced it had ended talks to buy the Pfizer
division, which makes Advil ibuprofen and Centrum multivitamin
pills. The unit was expected to fetch more than $10 billion,
according to analysts. ADRs of GlaxoSmithKline rose 3.5% to
$37.42.
Uncertainty in Mexico is limiting the performance of BBVA's
shares, says Jefferies, which trims its price target on the stock
to EUR7.30 from EUR7.70. Currency effects and uncertainty related
to this year's general election and NAFTA negotiations have held
back shares, according to Jefferies analysts. "We see these factors
acting as a drag on BBVA share price, limiting near-term re-rating
potential," says the bank. ADRs of BBVA dropped 2.2% to $7.65.
Credit Suisse Group AG Chief Executive Tidjane Thiam was awarded
9.7 million Swiss francs ($10.2 million) in compensation for 2017,
as his strategic shift toward managing money for wealthy clients
showed signs of paying off despite the bank posting a
third-straight annual loss. Total compensation for the bank's
12-member executive board came in at 69.9 million francs last year,
down about three million francs from 2016, while the total bonus
pool was 3.19 billion francs, up 3% from 2016. ADRs of Credit
Suisse dropped 1.5% to $16.65.
(END) Dow Jones Newswires
March 23, 2018 17:47 ET (21:47 GMT)
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