ADRs End Mostly Higher; BT Trades Actively
24 Janeiro 2017 - 8:52PM
Dow Jones News
International stocks trading in New York closed up on
Tuesday.
The BNY Mellon index of American depositary receipts improved
0.28% to 130.89; the European index edged up 0.17% to 122.63; the
Asian index increased 0.52% to 149.24; the Latin American index
edged up 0.05% to 224.77; and the emerging markets index rose 0.82%
to 263.89.
BT Group PLC (BT, BT.A.LN) was among the companies with ADRs
that traded actively.
Alibaba Group Holding Ltd. (BABA) on Tuesday raised revenue
projections for the year and said it would step up investments to
expand its digital media and cloud businesses following strong
third-quarter results. Alibaba runs China's most popular e-commerce
websites Taobao and Tmall. ADRs rose 3% to $101.43.
One of Britain's oldest and best-known companies BT Group,
parent company of British Telecommunications, on Tuesday said it
had grossly underestimated the severity of an accounting scandal at
its Italian business. BT said it would take a GBP530 million ($661
million) write-down, more than three times its previous estimate,
for yearslong "improper" accounting practices and transactions in
Italy. In addition, it cut financial projections, citing a
deteriorating outlook for business from the British public sector
and international corporations. ADRs, which set a 52-week-low on
Tuesday, closed at $19.38, down 21% for the day.
HDFC Bank (HDB, 500180.BY), India's second-largest private
lender, reported quarterly profit rose 15% while gross bad loans
were at 1.05% of total advances, compared with 1.02% in the
previous quarter. ADRs rose 4% to $66.64.
Rio Tinto PLC (RIO, RIO.LN), capitalizing on last year's sharp
rally in commodity prices, sold a major piece of its coal business
to a Chinese company for $2.45 billion, the biggest move yet in the
British-Australian mining giant's move to shed its coal assets.
ADRs set a 52-week-high on Tuesday before closing at $45.70, up 4%
for the day.
Dutch health-technology company Royal Philips NV (PHG, PHIA.AE)
is in talks with the Justice Department over its defibrillator
business and said negotiations could result in a fine and have a
"meaningful impact on the operations of this business." While the
defibrillator business is relatively small, the issue adds to wider
concerns of Philips' operations in the U.S., its most important
market by sales. ADRs fell 2% to $29.35.
WPP PLC's (WPPGY, WPP.LN) global media investment arm GroupM
said Tuesday it agreed to increase its holding in MediaCom India to
become a majority stakeholder. ADRs rose 0.68% to $116.15.
(END) Dow Jones Newswires
January 24, 2017 17:37 ET (22:37 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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