ADRs End Slightly Lower; Ericsson, Cheetah Mobile and BBVA Trade Actively
November 27 2018 - 5:56PM
Dow Jones News
International stocks trading in New York closed slightly lower
on Tuesday.
The BNY Mellon index of American depositary receipts fell 0.2%
to 134.49. The European index fell 0.6% to 125.10. The Asian index
increased 0.03% to 156.97. The Latin American index rose 2.6% to
225.57. And the emerging-markets index increased 0.7% to
284.34.
Ericsson AB (ERIC), Cheetah Mobile Inc. (CMCM) and Banco Bilbao
Vizcaya Argentaria S.A. (BBVA) were among those with ADRs that
traded actively.
Ericsson AB (ERIC) said Tuesday that it expects fifth-generation
networks to cover more than 40% of the world's population,
accounting for around 1.5 billion subscriptions to enhanced mobile
broadband by the end of 2024. Ericsson said this will make 5G the
fastest generation of cellular technology to be rolled out on a
global scale, according to its latest Mobility Report. Key drivers
for 5G deployment include increased network capacity and a lower
cost per gigabyte. North America and Northeast Asia are expected to
lead the 5G uptake, with subscriptions in North America expected to
account for 55% of mobile subscriptions by the end of 2024. In
Northeast Asia, the corresponding forecast is above 43%. In Western
Europe, 5G is forecast to account for some 30% of mobile
subscriptions by end of 2024. ADRs of Ericsson fell 2.1% to
$8.25.
On Tuesday, Cheetah Mobile responded to an article issued by
BuzzFeed News regarding attribution of app installations, saying,
"The Company is committed to preventing any SDKs integrated in its
apps from engaging in inappropriate activities and will suspend the
business cooperation with any SDK providers if they are found to be
engaging in fraudulent activities. The Company is dedicated to
complying with all relevant Google policies, GDPR, laws and
regulations." ADRs of Cheetah Mobile fell 32.8% to $5.48.
BBVA faces some regulatory risks in Mexico, Morgan Stanley said
as it cuts its earnings estimates for the Spanish bank and trims
the target price on the stock. The U.S. bank reduced its earnings
forecasts by 3% for next year and 4.6% for 2020. "Similar to
Santander, we assume 10% fee-margin pressure in Mexico to reflect
regulatory risk. We also assume more conservative numbers in the
U.S.," it said. The target price on the stock fell to EUR6.3 from
EUR6.5. ADRs of BBVA fell 3% to $5.52.
(END) Dow Jones Newswires
November 27, 2018 17:41 ET (22:41 GMT)
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