星期日, 4月 11, 2021
Home PV News Asia ADR REPORT: ADRs End Higher, But China's LDK Solar Drops

ADR REPORT: ADRs End Higher, But China's LDK Solar Drops

NEW YORK (Dow Jones)–International companies trading in New York closed higher Monday, although shares of LDK Solar Co. (LDK) plunged on a contract cancellation.


The Bank of New York index of ADRs rose 0.7% to 131.05.


Shares of China's LDK Solar fell 23% to $5.23 after Germany-based Q-Cells (QCE.XE) announced it is terminating its long-term supply agreement with the solar-wafer maker. Q-Cells, a maker of solar cells, said early Monday that the reason for the cancellation was that LDK didn't fulfill "significant contractual obligations." Q-Cells also said it may reclaim a $244.5 million payment it made to LDK in the beginning of 2008.


The European index increased 0.6% to 124.48.


Shares of Finland-based Nokia Corp. (NOK, 7240.TO, NOK1V.HE) and Sweden-based Ericsson (ERIC, ERIC-B.SK) rose 1.1% to $12.75 and 1.2% to $10.52, respectively, after research firm Strategy Analytics said the global handset market is likely to return to growth in the fourth quarter after several quarters of declining shipments. The firm forecast global shipments in the period would rise 3% from a year earlier to reach 300 million phones.


A consortium led by Italian energy giant Eni SpA (E, ENI.MI) on Monday signed an initial 20-year agreement with Iraq to develop the giant Zubair oilfield in southern Iraq, an Iraqi oil ministry official said. Shares rose 1.5% to $50.30.


The Asian index gained 1% to 120.11.


Japan's Panasonic Corp. (PC, 6752.TO) said it will restructure its internal division company by liquidating the company and reorganizing and integrating its home appliance, automotive motor and industrial motor companies. The company said it is aiming for vertical integration and to strengthen manufacturing and device businesses. Shares fell 2.1% to $13.97.


UBS upgraded Australia's Lihir Gold (LIHR, LGL.AU) to buy from neutral on an upgrade to gold reserves. The firm has a neutral stand on gold, but said the reserve upgrade was positive and Lihir is now trading at a reserve multiple of about $217 an ounce, a 37% discount to peer Newcrest Mining Ltd. (NCMGY, NCM.AU). The firm also raised its target price on the stock. Lihir's shares rose 3.1% to $28.11, while Newcrest's rose 1.7% to $29.25.


The Latin American index rose 1% to 360.17.


Oil stocks rose as crude-oil futures increased to more than $78 a barrel, buoyed by positive U.S. economic indicators. Brazil's Petroleo Brasileiro SA (PBR, PETR4.BR) increased 1.1% to $46.71.


Mining companies also rose, with Peru's Compania de Minas Buenaventura SA (BVN, BUENAVC1.VL), gaining 2.3% to $34.33, while Brazilian mining company Vale SA (VALE, VALE5.BR) increased 2.4% to $26.11. Vale also emerged as a potential bidder for Anglo American PLC's (AAUKY, AAL.LN) Copebras fertilizer unit, according to a report in the Independent.


The emerging-markets index rose 1.4% to 288.78.


Russian telecommunications company Vimpel Communications' (VIP, VIMP.RS) board has recommended a dividend of 190.13 rubles a share for the first nine months of 2009, the company said. VimpelCom said this is equivalent to 32 cents for each American depositary receipt. Its stock trades in Moscow and New York. VimpelCom didn't pay a dividend from 2008 profits amid the recession. The stock rose 2.9% to $18.45 on Monday.


India's Tata Motors Ltd. (TTM, 500570.BY) increased 3% to $11.72 after auto makers in India said October sales rose from a year earlier as the festive season led more people to buy cars and motorcycles.


 

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