ADRs End Higher; JA Solar, NetEase Trade Actively
International stocks trading in New York closed higher on Friday.
The BNY Mellon index of American depositary receipts rose 0.3% to 149.50. The European index increased 0.2% to 137.96. The Asian index improved 0.1% to 178.63. The Latin American index increased 1.3% to 241.13. And the emerging-markets index increased 0.6% to 325.05.
JA Solar Holdings Co. (JASO), NetEase Inc. (NTES), and Teva Pharmaceutical Industries Ltd. (TEVA) were among those with ADRs that traded actively.
Chinese solar company JA Solar said Friday it has agreed to be taken private by an investor consortium in an all-cash deal, implying an equity value of the company at $362.1 million. The consortium is headed by Baofang Jin, CEO of the Jinglong, a British Virgin Islands company, and other rollover shareholders. The deal is expected to close in the first quarter of 2018. ADRs rose 8.5% to $7.45.
Chinese online-gaming company NetEase beat market expectations in third-quarter results reported Wednesday, helped by a lower effective tax rate. The company's third-quarter earnings were 5% above consensus and operating margin was largely in line with estimates. Analysts from Bank of America also raised their per-share price target on NetEase to $361 from $347. ADRs rose 13% to $367.50.
Israeli pharmaceutical company Teva announced this week a new prescription copay savings program for generic Gleevec tablets. ADRS rose 8.2% to $13.84.
(END) Dow Jones Newswires
November 17, 2017 18:16 ET (23:16 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.