ADRs End Slightly Lower; Cheetah Mobile, Ericsson, SAP Trade Actively
International stocks trading in New York closed slightly lower on Wednesday.
The BNY Mellon index of American depositary receipts dropped 0.06% to 163.04. The European index decreased 0.3% to 148.86. The Asian index rose 0.3% to 195.58. The Latin American index rose 0.6% to 282.36, and the emerging-markets index increased 0.9% to 361.88.
Cheetah Mobile Inc. (CMCM), LM Ericsson Telefon AB (ERIC) and SAP SE (SAP) were among those with ADRs that traded actively.
Palo Alto, Calif.-based Cheetah Mobile announced Wednesday the release of the mobile internet company's secure mobile cryptocurrency wallet, called SafeWallet. The app has a three-tiered security defense system and allows users to manage their cryptocurrency assets. SafeWallet currently supports both Bitcoin (BTC) and Ether (ETH), with more currencies coming soon. SafeWallet is currently available on Google Play, with an iOS version expected to be released soon. ADRs of Cheetah Mobile rose 6.3% to $16.57.
Ericsson's turnaround effort further took its toll Wednesday, as the Swedish telecommunications-equipment giant said it cut 10,000 jobs in the fourth quarter and said two top executives would leave. Ericsson, battling fierce competition and weak spending, reported its fifth straight quarterly loss. The company reported weaker-than-expected results, with a net loss of 18.9 billion Swedish kronor ($2.4 billion) for the fourth-quarter, compared with a 1.6 billion kronor loss a year ago. ADRs of Ericsson dropped 8.1% to $6.44.
SAP's cloud and overall margins are expected to stabilize this year, CFRA Research says, as it raises the German software company to buy from hold after it released fourth-quarter and full-year results. The research company increases its target price to EUR110 from EUR95, which implies a price-earnings ratio above SAP's three-year historical average, justified due to the stabilizing margins from its cloud business. SAP rose 2.2% to $113.25.
(END) Dow Jones Newswires
January 31, 2018 18:34 ET (23:34 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.