ADRs End Mostly Higher; Smith & Nephew Falls
04 May 2018 - 8:06AM
Dow Jones News
International stocks trading in New York closed mostly higher
Thursday.
The BNY Mellon index of American depositary receipts edged up
0.1% to 151.38. The European index improved 0.1% to 139.91. And the
Asian index increased 0.2% to 178.70.
Meanwhile, the Latin American index fell 1.1% to 254.07, and the
emerging-markets index declined 0.2% to 327.58.
Smith & Nephew PLC (SNN, SN.LN) was among those with ADRs
that traded actively.
Smith & Nephew on Thursday lowered its full-year guidance
after reporting that first-quarter revenue was flat on an
underlying basis in what it called a mixed performance for the
period. ADRs fell 6% to $36.
Teva Pharmaceutical Industries Ltd.'s (TEVA, TEVA.TV)
first-quarter results beat consensus estimates, buoyed by its
pipeline despite analysts' earlier worries the company might not
deliver on time, said Rohit Vanjani of Guggenheim, noting the new
migraine drug fremanezumab is progressing better than expected. Its
multiple sclerosis treatment Copaxone is being eroded by generics,
and the market is especially worried about competition from Mylan,
so every beat on Copaxone expectations increases cash flow for the
company, Mr. Vanjani said. Investors are aware that the drug
eventually will erode, but the benefit is still there, he said.
ADRs fell 4% to $17.78.
(END) Dow Jones Newswires
May 03, 2018 17:51 ET (21:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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