ADRs End Lower; Alibaba, Avianca Trade Actively
November 29 2017 - 6:02PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
The BNY Mellon index of American depositary receipts dropped
1.3% to 150.76. The European index decreased 0.5% to 140.04. The
Asian index declined 1.3% to 178.32. The Latin American index
decreased 1.8% to 240.19. And the emerging-markets index dropped
2.1% to 319.76.
Alibaba Group Holding Ltd. (BABA), Baidu Inc. (BIDU) and Avianca
Holdings SA (AVH) were among those with ADRs that traded
actively.
Chinese e-commerce giant Alibaba sold $7 billion in U.S.-dollar
bonds, in its second visit to the bond markets in three years. The
deal includes maturities stretching from 5.5 years to 40 years.
ADRs of Alibaba fell 3.6% to $179.91.
Chinese internet giant Baidu was taken off watch for downgrade
after six months by ratings firm Fitch in a sign the company is
managing its risk and edging toward improved profitability. Fitch
placed Baidu on watch for downgrade in May as it moved into
offering unsecured consumer loans and selling uninsured
investments. ADRs of Baidu fell 3.5% to $235.49.
Colombian airline Avianca and its second-largest shareholder
Kingsland Holdings Ltd. said they agreed to withdraw their lawsuits
over the company's strategic direction. Avianca announced plans in
January to try to reach a partnership with United Continental, but
Kingsland objected, saying Avianca had better offers from two other
airlines and was focused on the United deal because it would be of
greater benefit to Avianca's majority owner. Avianca said it hopes
to reach final agreement with United by year-end. ADRs of Avianca
rose 2.4% to $7.81.
(END) Dow Jones Newswires
November 29, 2017 18:47 ET (23:47 GMT)
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