By Anna Prior
International companies trading in New York mostly closed
slightly lower Friday, as euro-zone debt-crisis worries trumped
upbeat Chinese economic data.
The Bank of New York index of ADRs edged down 0.1% to 124.30. In
China, October economic data showed encouraging trends. Industrial
output rose 9.6%, while retail sales rose 14.5%. Both growth
readings topped analysts' expectations.
The data, however, failed to improve the mood in Europe as
growth worries and nervousness over Greece set Friday's agenda. The
Greek Parliament meets Sunday for a vote on its budget, a day
before a meeting of euro-zone finance ministers. It still isn't
clear that Greece will be able to receive the next round of bailout
aid.
The European index fell 0.2% to 117.95.
Credit Agricole SA (CRARY, ACA.FR) shares slumped as the French
bank reported a wider-than-expected loss for the third quarter.
U.S.-listed shares dropped 5.2% to $3.50.
Dublin-based Amarin Corp. (AMRN) still doesn't know when or if
the U.S. Food and Drug Administration will grant exclusivity for
its prescription fish-oil heart drug Vascepa. And while Chief
Executive Joe Zakrzewski said the uncertainty has "presented
challenges" in discussions with Big Pharma players, Amarin still
hasn't ruled on whether to hire its own sales force. Shares rose
9.3% to $11.21.
The Asian index ticked up 0.4% to 119.18.
Taiwan Semiconductor Manufacturing Co. Ltd. (TSM, 2330.TW), the
world's largest contract chip maker by revenue, posted Friday
record-high monthly revenue on both unconsolidated and consolidated
terms. Analysts said sales were likely driven by demand for
high-performance chips from smartphone and tablet makers. Shares
rose 1.4% to $16.36.
Chip maker Spreadtrum Communications Inc. (SPRD) shares dropped
after the Shanghai-based company reported a lighter-than-expected
fourth-quarter revenue outlook. The stock got downgrades from JP
Morgan and Canaccord Genuity. Canaccord cut the stock to hold and
lowered its price target two bucks to $20 a share, saying in a note
to clients that "we believe pricing pressure in both the 2G feature
phone and EDGE smartphone markets, increased TD-SCDMA smartphone
competition, and higher operating expenses given Speadtrum's
aggressive roadmap will result in lower margins than our previous
expectations." Shares ended the New York trading day down 8.9% to
$19.44.
The Latin American index dropped 0.4% to 314.14 and the
emerging-markets index shed 0.1% to 275.50.
Analysts expect Chilean holding company Latam Airlines Group SA
(LFL, LAN.SN) will likely post a third-quarter loss on lower
revenue from Brazil, stemming from the Brazilian real's
depreciation versus the dollar, and costs linked to the merger of
LAN Airlines SA and TAM SA. Shares fell 1.1% to $24.51.
-Write to Anna Prior at anna.prior@dowjones.com.