ADRs End Mostly Higher; Smith & Nephew Falls

International stocks trading in New York closed mostly higher Thursday.

The BNY Mellon index of American depositary receipts edged up 0.1% to 151.38. The European index improved 0.1% to 139.91. And the Asian index increased 0.2% to 178.70.

Meanwhile, the Latin American index fell 1.1% to 254.07, and the emerging-markets index declined 0.2% to 327.58.

Smith & Nephew PLC (SNN, SN.LN) was among those with ADRs that traded actively.

Smith & Nephew on Thursday lowered its full-year guidance after reporting that first-quarter revenue was flat on an underlying basis in what it called a mixed performance for the period. ADRs fell 6% to $36.

Teva Pharmaceutical Industries Ltd.'s (TEVA, TEVA.TV) first-quarter results beat consensus estimates, buoyed by its pipeline despite analysts' earlier worries the company might not deliver on time, said Rohit Vanjani of Guggenheim, noting the new migraine drug fremanezumab is progressing better than expected. Its multiple sclerosis treatment Copaxone is being eroded by generics, and the market is especially worried about competition from Mylan, so every beat on Copaxone expectations increases cash flow for the company, Mr. Vanjani said. Investors are aware that the drug eventually will erode, but the benefit is still there, he said. ADRs fell 4% to $17.78.

(END) Dow Jones Newswires

May 03, 2018 17:51 ET (21:51 GMT)

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