ADR Report: Shares Decline As Greek Worries Persist Despite Bailout
02/21/2012 | 05:18pm
By Corrie Driebusch
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International companies trading in New York closed mostly lower Tuesday, as stocks pulled back even after euro-zone finance ministers approved terms of a bailout package for the country.
The Bank of New York index of ADRs slipped 0.1% to 132.10 as fears remained that at some time in the future, Greece may be forced to look for more money or default. The agreement requires private creditors to take a larger write-down on their Greek debt than they previously agreed to.
Shares of the National Bank of Greece SA (NBG, ETE.AT) tumbled 7.8% to $3.56.
The European index, however, ticked up 0.1% to 120.97.
Banks and analysts said European banks can absorb hefty Greek bond losses caused by their contribution to the country's rescue plan, having set aside enough cash to cope with the long-awaited deal.
Credit Agricole SA (CRARY, ACA.FR) shares were lifted 2.4% to $3.41, Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) traded up 2.1% to $9.32 and BNP Paribas SA (BNPQY, BNP.FR) gained 1.2% to $24.51.
The Asian index fell 0.6% to 129.81.
Ctrip.com International Ltd.'s (CTRP, K3RD.SG) fourth-quarter results were mainly in line with analysts' estimates, but Raymond James and Brean Murray Carret both cut their investment ratings on the stock, with Brean Murray worrying about the structural change the company is going through and concerned factors pressuring its margins--including labor costs--are unlikely to go away soon. Shares of the online-travel company lost 7% to $22.96.
The Latin American index declined 0.3% to 379.93 and the emerging-marketse index closed down 0.8% at 313.88.
Grupo Radio Centro SAB de CV's (RC, RCENTRO.MX) fourth-quarter broadcasting expenses increased year over year due to higher broadcasting expenses for its Los Angeles radio station, increased promotional expenses and the depreciation of the Mexican peso. Shares of Grupo Radio Centro lost 5.1% to $9.49.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com
