ADRs End Higher; Embraer Declines
March 03 2016 - 6:38PM
Dow Jones News
International stocks trading in New York closed higher on
Thursday.
The BNY Mellon index of American depositary receipts rose 1% to
120.33. The European index edged up 0.5% to 118.85, the Asian index
improved 1.4% to 128.89, the Latin American index rose 4.5% to
160.85 and the emerging markets index increased 1.5% to 217.67.
Embraer SA (ERJ, EMBR3.BR) was among the companies with ADRs
that traded actively.
Brazilian aircraft maker Embraer adopted a provision of 390.6
million Brazilian reais (about $100 million) in the fourth quarter
as the result of the bankruptcy filing of U.S. customer Republic
Airways. "Actual payments and cash disbursements for these
provisions may occur depending on the future negotiations of
Republic's Chapter 11 process," the company said. Embraer's ADRs
fell 12% to $26.24.
Chinese Internet-search giant Baidu Inc. (BIDU) is investing in
a growing collection of patents and stepping up field tests in its
quest to develop autonomous cars, a race that pits the company
against global technology heavyweights, its Chief Executive Officer
Robin Li said on Thursday. ADRs rose 36 cents to $177.30.
Mining companies responsible for a disastrous dam failure in
Brazil last year signed an agreement with authorities Wednesday
that could allow them to pay far less than the 20.2 billion
Brazilian reais (about $5.2 billion) originally sought by
government lawyers. Samarco Mineracao SA and its parent companies,
Brazilian mining giant Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR)
and Australia's BHP Billiton Ltd. (BHP, BHP.AU), reached the
settlement after weeks of haggling with federal and state
authorities that had joined the lawsuit. On Thursday, Vale's ADRs
rose 13% to $4.11, while BHP Billiton Ltd. increased 1.8% to $25.85
and BHP Billiton PLC (BBL, BLT.LN) advanced 2.5% to $22.97.
European supermarket operators Royal Ahold NV (AH.AE) and
Delhaize Group (DEG, DELB.BT) on Thursday reported a rise in
fourth-quarter earnings and raised their dividends as they work to
close their merger. Delhaize's ADRs rose 1.2% to $26.27.
Blackstone Group LP and Onex Corp. have teamed up to bid for the
lighting unit of Philips NV (PHG, PHIA.AE), The Wall Street Journal
reported, citing people familiar with the situation. The business
could be worth between EUR4.5 billions ($4.9 billion) and EUR5
billion, one of the people said. ADRs of Philips fell seven cents
to $26.15.
Magistrates have placed the French unit of UBS Group AG (UBS)
under formal investigation for alleged witness tampering after a
former employee filed a complaint against the bank, Paris
prosecutors said. "The bank strongly denies the allegations from
this former employee" and "awaits the conclusion of this case with
serenity," said UBS in an emailed statement. UBS has also denied
wrongdoing in the tax investigation. ADRs of UBS rose 1.6% to
$16.52.
ADRs of Weibo Corp. (WB) rose 9.5% to $15.93 a day after the
Microblog portal delivered another quarter of higher revenue and
improved margins to Chinese Internet company Sina Corp. in the
December quarter.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
March 03, 2016 18:23 ET (23:23 GMT)
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