ADRs End Slightly Lower; Alibaba, ArcelorMittal and Ericsson Trade Actively
September 18 2018 - 5:49PM
Dow Jones News
International stocks trading in New York closed lower on
Tuesday.
The BNY Mellon index of American depositary receipts fell 0.1%
to 142.30. The European index increased 0.1% to 133.24. The Asian
index dropped 0.8% to 167.98. The Latin American index rose 1.9% to
211.96. And the emerging-markets index decreased 0.7% to
295.79.
Alibaba Group Holding Ltd. (BABA), ArcelorMittal SA (MT) and
Ericsson AB (ERIC) were among those with ADRs that traded
actively.
Billionaire Jack Ma said China's government didn't push him to
step down as head of Alibaba, blaming rumors emanating from outside
China for fueling such speculation. Alibaba's executive chairman
told investors at an event in the e-commerce giant's home city of
Hangzhou on Tuesday that his coming retirement had been planned for
a decade. The timing of the announcement earlier this month that
Mr. Ma, 54, would hand over the reins to Chief Executive Officer
Daniel Zhang next September caught many by surprise. ADRs of
Alibaba were down 1.4% to $156.65.
Members of the United Steelworkers union voted late Monday to
authorize their bargaining committee to call a strike against
ArcelorMittal in the U.S., signaling the union's increasing
frustration with contract negotiations. Both sides agreed last week
to take a break from talks until September 20. The contract for the
company's 15K union workers expired September 1. Bargaining team
Chairman David McCall says the company "has insisted on concessions
that would more than wipe out any pay increases in its proposal."
Steelworkers for United States Steel, whose contract with the union
also expired September 1 have already authorized a strike. ADRs of
ArcelorMittal were up 2.7% to $30.44.
Ericsson said Tuesday that it now expects the divestment of its
majority stake in MediaKind to be completed around the end of 2018,
rather than during the third quarter, as the process has proved
"more complex than originally expected." The Swedish
telecommunications-equipment company also said the costs associated
with the divestment will be equally distributed between the third
and fourth quarter. The company previously said it expected to book
the entirety of the additional expenses during the third quarter.
ADRs of Ericsson rose 1.8% to $8.70.
(END) Dow Jones Newswires
September 18, 2018 17:34 ET (21:34 GMT)
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