ADRs End Slightly Higher; Credit Suisse, Alibaba, Carnival Trade Actively
September 28 2018 - 6:33PM
Dow Jones News
International stocks trading in New York closed slightly higher
on Friday.
The BNY Mellon index of American depositary receipts rose 0.1%
to 146.55. The European index decreased 0.02% to 137.06. The Asian
index increased 0.1% to 172.57. The Latin American index rose 1.4%
to 223.63. And the emerging-markets index increased 0.8% to
306.15.
Credit Suisse Group AG (CS), Alibaba Group Holding Ltd. (BABA)
and Carnival PLC (CUK) were among those with ADRs that traded
actively.
Spin Master Corp. has signed a strategic partnership with
internet company Alibaba in China. According to the Toronto-based
children's entertainment company, the deal will lead to creating a
leading digital platform for retail, brand building, and
data-powered marketing in China. "China is a key part of our
international growth strategy, and Alibaba is a strong partner,"
said Ben Gadbois, Spin Master's chief operating officer. Spin
Master is hoping to expand sales internationally. In 2017, Spin
Master's international sales grew to 34.7% of gross product sales,
compared to 32.5% in 2016. ADRs of Alibaba fell 0.9% to
$164.76.
A subsidiary of Credit Suisse Group AG (CS) has agreed to settle
charges brought by the U.S. Securities and Exchange Commission and
the New York attorney general for allegedly not being transparent
over the handling of retail customer orders. The charges were
against U.S.-registered broker-dealer Credit Suisse Securities
(USA) LLC over alleged misrepresentations and omissions made in
connection with its now-closed retail execution services business'
handling of certain customer orders, the SEC said Friday. "Credit
Suisse is pleased to have settled this matter, which relates to a
business we exited in early 2015," a Credit Suisse spokeswoman said
in an e-mail. "There is no material impact to the bank." As part of
the settlement, Credit Suisse Securities didn't admit or deny the
findings. The company will be required to pay $5 million to the SEC
and $5 million to the New York attorney general, according to the
SEC. ADRs of Credit Suisse fell 2.9% to $14.94.
In the future, cruise lines will launch more ships powered by
liquefied natural gas, Christine Duffy, president of Carnival
Cruise Line, said at the Skift global forum during a panel.
Carnival's first LNG ship is coming to North America in 2020, she
said. The move will make ships more fuel efficient, which can bode
well for returns in the future considering Carnival on Thursday
warned its earnings outlook for this year and 2019 will be impacted
by higher fuel prices. Earlier this month, Carnival had a naming
ceremony for AIDAnova, the world's first cruise ship to be powered
in port and at sea by LNG. The company has ordered 11 more LNG
ships. ADRs of Carnival fell 0.3% to $63.08.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
September 28, 2018 18:18 ET (22:18 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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