ADRs End Mostly Higher; Shire Falls
August 21 2017 - 5:52PM
Dow Jones News
International stocks trading in New York closed mostly higher on
Monday.
The BNY Mellon index of American depositary receipts improved
0.13% to 143.16. The Asian index increased 0.54% to 167.28. And the
emerging-markets index rose 0.65% to 310.59.
Meanwhile the European index eased 0.02% to 132.98, and the
Latin American index fell 0.48% to 240.18.
Shire PLC (SHPG, SHP.LN) was among those with ADRs that traded
actively.
Baidu Inc. (BIDU, K3SD.SG) is selling its takeout delivery
business to Ele.me, a rival backed by Alibaba Group Holding Ltd.
(BABA), according to people familiar with the situation. The
cash-and-stock deal, which is expected to be announced later this
week, will help the Chinese search-engine giant stop sinking money
into a costly business that hasn't paid off, according to people
familiar with the sale. ADRs of Baidu rose 0.81% to $222.48.
Meanwhile, Alibaba, which set a 52-week high on Monday, closed up
1% at $169.25.
ADRs of Shire set a 52-week-low Monday after the rare-disease
drug developer said Chief Financial Officer Jeff Poulton has
decided to leave the company at the end of the year to join a U.S.
start-up firm. The pharmaceutical company added that it will
initiate a formal search for a replacement. ADRs closed down 3% at
$140.85.
Tata Motors Ltd. (TTM, 500570.BY) plans to spend a cumulative 40
billion rupees ($625 million), including 25 billion rupees in its
passenger-vehicles business and the rest in commercial vehicles,
over the next few years. The company has been reducing the number
of vehicle platforms in its passenger-vehicles business to cut
costs and reduce the time it takes to launch products. In the
commercial-vehicles segment, Tata Motors says it wants to increase
exports and expand the products it offers to the defense sector.
Tata's ADRs, which also set a 52-week low on Monday, closed down
roughly 1% for the day at $29.03.
(END) Dow Jones Newswires
August 21, 2017 17:37 ET (21:37 GMT)
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