ADR Report: Shares End Lower As Solar Companies Fall
December 27 2011 - 5:00PM
Dow Jones News
International companies trading in New York closed lower Tuesday
in light trading as with solar companies dragging down the
index.
The Bank of New York index of ADRs lost 0.3% to 119.58 with
shares of solar companies posting some of the biggest declines.
The Wall Street Journal reported early Tuesday that
bankruptcies, plummeting stock prices and crushing debt loads are
calling into question the viability of the solar power
industry.
Suntech Power Holdings Co. (STP, K3ND.SG) fell 6.1% to $2.17,
LDK Solar Co. (LDK) closed down 1.8% at $4.85 and ReneSola Ltd.
(SOL) tumbled 10% to $1.50.
The Asian index shed 0.7% to 112.80.
For the first time, the average price of a 47-inch flat-panel
television is less than $1,000, good news for consumers but the
latest sign of tough times for the TV industry. Shares of LCD panel
maker LG Display Co. (LPL, 034220.SE) lost 1.8% to $10.11.
The European index fell 0.1% to 111.98 as financials
declined.
In an interview with Italian newspaper Il Sole 24-Ore over the
weekend, Maria Cannata, director of public debt for Italy, said the
government would need to auction around EUR450 billion ($588.42
billion) in debt for 2012.
Shares of French banks Societe Generale SA (SCGLY, GLE.FR)
declined 3.4% to $4.33 and Credit Agricole SA (CRARY, ACA.FR) fell
3.5% to $2.75.
The Latin American index declined 0.4% to 333.80.
Airline stocks declined Tuesday as the price of oil rose above
$100 a barrel. TAM SA (TAM, TAMM4.BR) fell 2.3% to $19.63, Gol
Linhas Aereas Inteligentes (GOL, GOLL4.BR) dropped 2.2% to $6.78
and LAN Airlines SA (LFL, LAN.SN) shed 1.8% to $23.37.
The emerging markets index fell 0.4% to 275.51.
Tata Motors Ltd. (TTM, 500570.BY) said Tuesday it is replacing
the starter motor in 115,000 Nano minicars, produced until the
middle of September. Shares of the carmaker lost 3.2% to
$16.88.
Offsetting those losses was Rostelecom (RTKM.RS, ROSYY), which
said it would be paying dividends on its ordinary shares in the
amount of 20% of the company's net income. Shares of the Russian
state-owned telecommunications company rose 2.7% to $29.60.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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