International stocks trading in New York were mixed on
Tuesday.
The BNY Mellon index of American depositary receipts was
unchanged at 142.56. The European index increased 0.11% to 140.14,
the Asian index dropped 0.43% to 146.7, the Latin American index
rose 0.52% to 233.53 and the emerging markets index declined 0.3%
to 273.7. Among the companies with shares that actively traded was
Philips NV (PHG, PHIA.AE).
Philips warned on Tuesday that it has fallen behind its 2016
financial targets, following a number of setbacks that contributed
to a 67% drop in the Amsterdam-based electronics maker's
fourth-quarter net profit. The company cited a series of
operational difficulties, a slowing global economy and mounting
costs related to plans to split its business. The split hadn't been
decided when the targets were announced in 2013. The share price
fell 5.3% to $28.70.
Ericsson AB (ERIC) posted a weaker-than-expected fourth-quarter
net profit and said sales growth had stalled, after North American
network operators curbed investment in new high-speed wireless
networks. The Sweden-based telecom equipment maker's shares fell
2.3% to $12.14.
Swiss pharmaceutical giant Novartis AG (NVS, NOVN.VX) reported
fourth-quarter profit declined but said it expects its business to
gain momentum this year despite uncertainty spawned by the
strengthened Swiss franc. Shares rose 2.5% in price to $98.93.
Write to Tess Stynes at tess.stynes@wsj.com
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