ADRs End Lower; ABB, Baidu and Cemex SAB Trade Actively
International stocks trading in New York closed lower on Thursday.
The BNY Mellon index of American depositary receipts dropped 2.7%, to 149.29. The European index decreased 2.4%, to 136.56. The Asian index fell 3.4%, to 178.30. The Latin American index dropped 3%, to 259.78. And the emerging-markets index declined 3.4%, to 324.94.
ABB Ltd. (ABB), Baidu Inc. (BIDU) and Cemex SAB de CV (CX) were among those with ADRs that traded actively.
ABB's fourth-quarter net profit fell compared with the same period a year ago, largely because of charges associated with organizational changes announced late December, the company said Thursday. Net profit at the Swiss industrial conglomerate was $393 million, down from a restated figure of $425 million a year earlier, the company said. Revenue for the quarter rose 3%, to $9.28 billion, from $8.99 billion in the year-earlier period, ABB said. ADRs of ABB fell 7.1%, to $24.29.
Chinese internet giant Baidu announced that the Unicode Consortium has added three Chinese cultural hallmarks designed by Baidu's Facemoji Keyboard team to a list of 157 new emojis recently revealed that will be added to version 11 of the Unicode Standard in 2018. The emojis are a red envelope (hong bao), a firecracker (bian pao) and a moon cake (yue bing). The new emojis will become part of the emoji dictionary shared across almost all smartphones and computer platforms worldwide. ADRs of BIDU fell 4.7%, to $212.07.
Mexican cement and building-materials company Cemex SAB swung to a net loss in the fourth quarter, its first in more than two years. Cemex said Thursday that lower operating profit, higher expenses and taxes, and lower foreign exchange gains contributed to a $105 million net loss in the three months ending December, which compared with a net profit of $214 million in the fourth quarter of 2016. Net profit for all of 2017 rose 8%, to $806 million, the most since 2007. Fourth-quarter sales rose 8%, to $3.4 billion, bringing sales for the full year to $13.7 billion. ADRs fell 5.6%, to $7.36.
(END) Dow Jones Newswires
February 08, 2018 18:46 ET (23:46 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.