International stocks trading in New York closed lower Wednesday,
with the Bank of New York index of American depositary receipts
falling 0.4% to 152.11. The European index dropped 0.5% to 152.60,
the Asian index fell 0.3% to 141.91, the Latin American index was
essentially flat at 284.96, and the emerging markets index declined
0.6% to 277.66. Among the companies with shares that actively
traded were Ericsson (ERIC) and ARM Holdings PLC (ARMH,
ARM.LN).
Slack demand for mobile data networks in Japan and North America
and stiff competition from rivals led Swedish wireless networks
giant Ericsson to report a sharp decline in revenue over the first
three months of the year. While the company expects a boost in the
second half of the year due to new business awards, declining
revenue from two large mobile broadband coverage projects in North
America hurt the most recent results. Shares fell 5.5% to
$12.28.
Computer chip designer ARM Holdings said first-quarter profit
rose 20%, boosted by customers using its technology in a growing
range of products from supercomputers to sensors. However, growth
wasn't as robust as the previous year, which the company said
reflected normal fluctuation as customers burned through a backlog
of chips. Shares of the Cambridge, England, company fell 5% to
$47.61.
Cnooc Ltd. (CEO, 0883.HK), China's biggest offshore producer of
oil and gas by output, is selling multibillion-dollar bonds in
three portions, partly to repay loans related to its $15.1 billion
purchase of Canadian oil-sands operator Nexen Inc., according to
The Wall Street Journal, which cited a person familiar with the
matter. Cnooc shares slipped 1.5% to $163.48.
Write to Anna Prior at anna.prior@wsj.com
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