ADRs End Slightly Lower; LG, Ericsson and China Life Trade Actively
April 20 2018 - 6:37PM
Dow Jones News
International stocks trading in New York closed slightly lower
on Friday.
The BNY Mellon index of American depositary receipts fell 0.4%
to 153.20. The European index decreased 0.2% to 141.37. The Asian
index went down 0.6% to 179.16. The Latin American index fell 1% to
270.81, and the emerging-markets index dropped 1% to 332.63.
LG Display Co. Ltd. (LPL), LM Ericsson Telefon AB (ERIC) and
China Life Insurance Co. Ltd. (LFC) were among those with ADRs that
traded actively.
The Wall Street Journal reported Apple Inc.'s efforts to line up
a second supplier for its high-end smartphone screens--and reduce
its dependence on Samsung Electronics Co.--have hit a hurdle
because LG Display Co. is struggling to make them, according to
people familiar with the matter. South Korea's LG Display is
working to boost production of organic light-emitting diode
displays in hopes that it can provide some of the screens for
iPhones set to be released later this year, the people said. OLED
screens tend to be thinner and more flexible than those typically
used in smartphones.
However, manufacturing problems have caused LG to fall behind
the schedule that many suppliers follow before beginning mass
production for iPhones, which usually starts around July, the
people said. ADRs of LG dropped 2.1% to $11.47.
Telecom gear maker Ericsson reported a net loss for its first
quarter of 837 million Swedish kronor ($99.7 million). Analysts
polled by FactSet had expected a net loss of SEK1.74 billion.
Revenue decreased to SEK43.41 billion, a tad less than the SEK43.54
billion analysts expected. The company is continuing to invest
heavily in R&D as it readies for roll-outs of 5G networks, but
it said its efforts to improve cost efficiency are starting to pay
off. ADRs of Ericsson rose 17.2% to $7.78.
After what was likely the worst quarter in four years for China
life insurers' value-of-new-business growth, Nomura says it is time
to bottom-fish. Results should stabilize starting this quarter, the
investment bank contends. The bull isn't surprised with how the
first quarter fared, warning in December about "very disappointing
open year sales." First-year premiums fell by double-digits in the
first quarter amid tighter regulations, strong year-earlier results
and competition from financial products offering higher returns to
clients. ADRs of China Life rose 1.2% to $14.
(END) Dow Jones Newswires
April 20, 2018 18:22 ET (22:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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