ADRs End Lower; Philips Rises
July 25 2016 - 6:21PM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
Philips NV (PHG, PHIA.AE) was among the companies with ADRs that
traded actively.
The BNY Mellon index of American depositary receipts fell 0.6%
to 125.66. The European index decreased 0.6% to 121.79, the Asian
index dropped 0.3% to 135.83, the Latin American index fell 1.4% to
196.08 and the emerging markets index declined 0.7% to 244.36.
Philips said cost-savings and strong sales delivered a boost to
its second-quarter earnings as the Dutch company seeks to
reposition itself as medical technology company. ADRs rose 2% to
$26.61.
A consortium led by the chief executive of Baidu Inc. (BIDU,
K3SD.SG) dropped its $2.3 billion bid to buy out the Chinese search
giant's video-streaming operation after investors criticized it as
a sweetheart deal for Baidu's chief to profit at the expense of
public shareholders. ADRs fell 63 cents to $160.25.
Ericsson's (ERIC) ousted its chief executive as it battles
slowing demand for its cellphone towers and switches, and faces
fresh competitive threats from old and new players alike. The
company said Monday that Hans Vestberg, who had led Ericsson since
2010, was stepping down immediately. The board named Ericsson's
current chief financial officer, Jan Frykhammar, as interim chief
executive. ADRs rose 1.1% to $7.44.
Ryanair Holdings PLC (RYAAY, RYA.LN, RY4C.DB) stuck to its
earnings target for the year after its fiscal first-quarter profit
rose 4%, bucking a trend for European carriers. ADRs of Europe's
largest airline by passenger numbers rose 1.6% to $68.78.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 25, 2016 18:06 ET (22:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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