ADRs End Lower
December 22 2016 - 5:28PM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
Alibaba Group Holding Ltd. (BABA), BP PLC (BP; BP.LN) and Teva
Pharmaceutical Industries Ltd. (TEVA; TEVA.TV) were among the
companies with ADRs that traded actively.
The BNY Mellon index of American depositary receipts fell 0.4%
to 125.46. The European index decreased 0.2% to 119.28, the Asian
index dropped 0.7% to 142.64, the Latin American index fell 0.4% to
192.88 and the emerging markets index declined 0.9% to 238.89.
ADRs of Alibaba Group Holding Ltd. (BABA) fell 2.8% to $86.80,
following the fallout from a default by Cosun Group. Cosun, which
makes mobile phones and was founded by Chinese telecommunications
tycoon Wu Ruilin, this month issued notices that it would default
on high-yield debt products that had been sold online two years ago
to ordinary investors through Ant Financial Services Group, a
financial supermarket linked to Alibaba that also handles the
e-commerce giant's online payments. The $45 million corporate
default this month has Ant fielding uncomfortable questions about
the quality of the investments on its platforms.
ADRs of Teva Pharmaceutical Industries Ltd. (TEVA; TEVA.TV) rose
1.5% to $36.91 after Teva agreed to pay $519 million to settle U.S.
charges that it violated U.S. foreign-bribery law in its operations
in Ukraine, Mexico and Russia. The Israeli company, which is the
world's largest maker of generics by sales, will pay the largest
criminal fine imposed by the U.S. government against a
pharmaceutical firm for violating the Foreign Corrupt Practices
Act, prosecutors said.
ADRs of BP PLC (BP; BP.LN) edged up 0.4% to $36.91 after a
report in The Wall Street Journal that published Wednesday evening
said BP was working to repair an ultraformer at its
410,000-barrel-a-day refinery in Whiting, Ind., citing a person
familiar with operations. The Whiting refinery is a key supplier of
gasoline to the Chicago area, and the operational snag at the plant
helped to push Chicago wholesale prices higher Wednesday, according
to analysts at GasBuddy. The ultraformer unit, which "reforms"
gasoline molecules to produce a high-octane gasoline, is expected
to be operational again early next week.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
December 22, 2016 18:13 ET (23:13 GMT)
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