CMCM Cheetah Mobile Inc

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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