By Anna Prior
International companies trading in New York closed mixed Monday,
as Novo Nordisk AS (NVO, NOVO-B.KO) led European stocks lower,
while most Asian markets were closed for the Lunar New Year holiday
and Japan was shut for National Foundation Day.
The Bank of New York index of ADRs fell 0.4%, to 137.36, while
the European index fell 0.7%, to 129.11.
Novo Nordisk said U.S. regulators have asked for additional
testing on its hotly anticipated Tresiba insulin products, which
could lead to a delay of the drug's launch in a key market. The
U.S. Food and Drug Administration asked for additional
cardiovascular data. The Danish company, which is the world's
largest maker of insulin, said it doesn't expect to be able to
provide the information during 2013. U.S.-listed shares fell 14%,
to $165.40.
Novo Nordisk's bad news seemed to help French rival Sanofi SA
(SNY, SAN.FR). The two firms have been competing to dominate the
lucrative insulin market. Additionally, Sanofi announced its
intention to purchase an additional stake in drug developer
Regeneron Pharmaceuticals Inc. (REGN) worth more than $500 million.
The pharma giant saw shares rise 3.2% to $48.01.
The Asian index rose 0.3%, to 137.32.
Chinese solar stocks added to the gains. JinkoSolar Holding Co.
(JKS) rose 7.7%, to $8.63, while ReneSola Ltd. (SOL) rose 7.5% to
$2.29 and Yingli Green Energy Holding Co. (YGE) rose 5.5%, to
$3.26.
CLSA kept India's Tata Motors Ltd. (TTM, 500570.BY) at a buy
rating, saying it believes Jaguar Land Rover's product
transformation will gain pace over the next four years, with
platform upgrades. CLSA said Tata Motors offers faster growth than
its peers, with an improving balance sheet and cashflow. Shares
rose 1.6%, to $27.49.
The Latin American index fell 0.6%, to 335.61, and the emerging
markets index dropped 0.5%, to 291.41.
Shares of South African gold miners ended lower as gold fell to
the lowest price in more than month amid the start of a weeklong
holiday in major consumer China that kept potential buyers at bay.
AngloGold Ashanti Ltd. (AU, ANG.JO) fell 1.7%, to $28.09, while
DRDGOLD Ltd. (DRD, DRD.JO) dropped 2.9%, to $8.14, Gold Fields Ltd.
(GFI, GFI.JO) fell 1.3%, to $11.74 and Harmony Gold Mining Co.
(HMY, HAR.JO) fell 1%, to $7.02.
Write to Anna Prior at anna.prior@dowjones.com