ADRs End Lower; Ctrip.com Climbs
27 October 2015 - 9:45AM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
The BNY Mellon index of American depositary receipts declined
0.50% to 134.95. The European index decreased 0.68% to 135.04, the
Asian index fell 0.20% to 143.18, the Latin American index edged
down 0.13% to 167.14 and the emerging markets index eased 0.04% to
227.78.
Ctrip.com International Ltd. (CTRP, K3RD.SG) was among the
companies with ADRs that traded actively.
Two of China's biggest online travel companies are joining
forces amid intensifying competition for booking train, plane and
hotel reservations in the fast-growing market. A share swap
unveiled on Monday would closely tie U.S.-traded rivals Ctrip.com
International Ltd. (CTRP, K3RD.SG) and Qunar Cayman Islands Ltd.
(QUNR) amid an increasingly expensive race to serve Chinese
travelers. It would also tie the two companies closely to Baidu
Inc. (BIDU, K3SD.SG), the Chinese Internet search company sometimes
called the Google of China. ADRs of Ctrip.com climbed 22% to $90.78
while Qunar increased 7.9% to $42.65 and Baidu advanced 5.5% to
$166.24.
Brazilian phone company Oi SA (OIBR, OIBRC, OIBR4.BR) is getting
a long-awaited second chance at being a key player in the
consolidation process in the country's telecoms industry. Oi said
Monday that LetterOne, an investment firm led by Russian
billionaire Mikhail Fridman, proposed investing $4 billion in the
Brazilian phone company, though the offer is conditioned on the
success of a potential merger with TIM Participacoes SA (TSU,
TIMP3.BR) , the Brazilian unit of Telecom Italia SpA (TI, TIT.MI).
ADRs of Oi rose 3.5% to 88 cents, TIM Participacoes increased 5.8%
to $10.93. Telecom Italia rose 11 cents to $12.75.
Luxottica Group SpA (LUX, LUX.MI) said its third-quarter profit
and sales increased, boosted by favorable currency-exchange
fluctuations and strong growth in the U.S., despite a decline in
consumer traffic in areas such as New York and Miami. ADRs edged
down five cents to $71.37.
Brazil's state oil company Petroleo Brasileiro SA's (PBR,
PETR3.BR, PETR4.BR) board has approved the partial sale of its
natural-gas distribution unit for 1.9 billion reais ($488 million),
kicking off Petrobras's divestment campaign to reduce its debt
burden. ADRs fell 1.2% to $4.92.
Philips NV (PHG, PHIA.AE) said it has run into unexpected
regulatory trouble in the U.S. over the planned sale of its
lighting-components and automotive-lighting unit to a Chinese
investor. The Dutch electronics group said the Committee on Foreign
Investment in the U.S., or CFIUS, has expressed "certain unforeseen
concerns" regarding the planned disposal of an 80% stake in the
Philips business, called Lumileds, without providing further
details. Philips said it would "take all reasonable steps" to
address the committee's concerns. The company also reported that it
swung to a profit in the latest quarter. ADRs eased 12 cents to
$26.07.
WPP PLC (WPPGY, WPP.LN) said a strong quarter from its North
American business helped it post an increase in sales, but the
world's largest advertising holding company also warned that many
of its clients continue to focus on cutting costs rather than
improving revenues. ADRs fell 2.3% to $111.36.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 26, 2015 18:30 ET (22:30 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Koninklijke Philips NV (NYSE:PHG)
Historical Stock Chart
From Apr 2024 to May 2024
Koninklijke Philips NV (NYSE:PHG)
Historical Stock Chart
From May 2023 to May 2024