By Anna Prior
International companies trading in New York closed mostly higher
Friday, as a stronger-than-expected November job growth report from
the U.S. buoyed stocks.
The Bank of New York index of ADRs rose 0.2% to 129.37.
The U.S. added 146,000 jobs last month, the Labor Department
reported, up from a downwardly revised 138,000 in October.
Economists polled by Dow Jones Newswires had forecast a median of
80,000 in November.
Meanwhile, Germany's central bank cut its growth outlook for the
country's economy in 2012 and next year.
The European index edged down 0.1% to 123.45.
Amarin Corp. (AMRN) said it will begin hiring a sales force to
independently launch its cholesterol-reducing fish-oil pill
Vascepa, disappointing investors who had hoped the Dublin biotech
would have a partner by now. Amarin has already undertaken
extensive preparations to launch the drug, but had held off on the
costly move of hiring its own sales staff. Chief Executive Joseph
Zakrzewski late Thursday said discussions with big pharmaceutical
companies are "still quite active," however, "at some point we've
got to move forward." Shares plunged 19% to $9.69.
Morgan Stanley downgraded Swiss pharmaceutical giant Novartis AG
(NVS, NOVN.VX) to equal-weight from overweight, saying near-term
estimates for the company's pharma, consumer and generics
businesses seem optimistic. The investment bank says bullish
expectations for recently launched products might not fully offset
the impact of generic Diovan, while noting that consensus
expectations for a bounce back in profitability in the consumer
business don't jibe with "significant ongoing QA costs, investments
in biosimilar R&D and the relaunch of consumer brands." Shares
fell 0.3% to $62.32.
Bucking the downward trend were U.K. miners, which got a boost
as most metals prices moved higher. Rio Tinto Plc (RIO, RIO.LN) up
1% to $52.40 and BHP Billiton Plc (BBL, BLT.LN) edged up 0.3% to
$64.88.
The Asian index rose 0.6% to 124.28.
JinkoSolar Holding Co. Ltd. (JKS) said its Swiss subsidiary
inked a strategic cooperation agreement with China Development
Bank, in which the state-controlled bank will provide financing of
up to $1 billion to the Chinese solar-products maker. Jinko's
American depositary shares surged 14% to $4.68, as the company said
the agreement will provide it with several advantages, such as a
long-term stable source of capital and a complete set of finances
services.
Fellow China-based solar stocks also rise: Trina Solar Ltd.
(TSL, K3KD.SG ) up 9.9% to $3.10, ReneSola Ltd. (SOL) up 11% to
$1.35, LDK Solar Co. Ltd. (LDK) up 11% to $1.00 and Yingli Green
Energy Holding Co. Ltd. (YGE) up 4.1% to $1.78.
The Latin American index climbed 0.6% to 316.53, and the
emerging markets index added 0.5% to 278.84.
Argentine state oil company YPF SA (YPF, YPFD.BA) is in advanced
discussions with potential partners on the development of its shale
assets, the company's chief executive said Friday. YPF could
complete a deal with Bridas Energy Holdings Ltd. before the end of
the year, while an agreement with U.S. oil major Chevron Corp.
(CVX) will likely close in the first quarter of 2013, said CEO
Miguel Galuccio, adding the deals would likely be similar in size.
The company also said Friday it could seek to raise between $300
million and $500 million on international bond markets as early as
next year. U.S.-listed shares jump 5.4% to $12.
Write to Anna Prior at anna.prior@dowjones.com