Historical Stock Chart
2 Years : From Sep 2012 to Sep 2014
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.
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