ADR Report: Shares Fall On Disappointing Earnings
03 Mai 2012 - 11:05PM
Dow Jones News
International companies traded in New York closed lower
Thursday, in line with the broader market, as disappointing
earnings pressured shares.
The Bank of New York index of ADRs shed 0.8% to 125.44, weighed
down by a string of companies reporting lower-than-expected
first-quarter results.
Africa-focused gold miner Randgold Resources Ltd. (GOLD, RRS.LN)
said Thursday its first-quarter gold production and profits were up
on the year despite the political troubles in Mali, from where it
derives the majority of its gold output. Shares fell 5.1% to $81.89
as revenue missed analysts' expectations.
Delhaize Group's (DEG, DELB.BT) problems look set to continue
after the retailer swung to a first-quarter net loss on charges
related to store closures and revamps in the U.S., where it
generates more than half of its sales. Shares of the Brussels-based
retailer dropped 10% to $42.69.
The European index shed 0.7% to 115.18.
Societe Generale SA (SCGLY, GLE.FR) said Thursday that
first-quarter earnings at its investment bank rebounded from the
tough, previous quarter but fell year-on-year, pressured by a
restructuring plan aimed at sheltering the French bank from
Europe's still-smoldering debt crisis. Shares tumbled 5.2% to
$4.52.
Infineon Technologies AG (IFNNY, IFX.XE) shares ended off 3.8%
at $9.54 as investors focused on management commentary about margin
forecasts at Thursday's analyst conference. Infineon's management
said it sees difficulties for several years ahead when it comes to
increasing its margins.
The Asian index dropped 1.1% to 124.82, and the emerging markets
index fell 1.1% to 295.31.
Output cuts across Europe's aluminum industry are hurting
short-term demand for alumina, a key ingredient in the lightweight
metal, and driving producer margins lower, the chief executive of
Alumina Ltd. (AWC, AWC.AU) said Thursday. Shares of the Australian
company fell 4.2% to $4.57.
Employees of flat-panel maker LG Display Co. (LPL, 034220.SE)
are being investigated for alleged infringement of rival Samsung
Mobile Display's ultra-thin technology, South Korean prosecutors
said Thursday. Shares of LG Display Co. tumbled 6.1% to $10.48.
The Latin American index ended down 0.9% to 349.98.
Latin America's biggest steelmaker, Gerdau SA (GGB, GGBR3.BR,
GGBR4.BR), reported net profit of 397 million Brazilian reais
($206.77 million) for the first quarter, 3% less than the BRL409
million posted in the first quarter of 2011, as costs rose and the
impact of deindustrialization was felt in Brazil. Shares of Gerdau
lost 2.5% to $9.13.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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