ADRs End Lower; Philips Rises

International stocks trading in New York closed lower on Monday.

Philips NV (PHG, PHIA.AE) was among the companies with ADRs that traded actively.

The BNY Mellon index of American depositary receipts fell 0.6% to 125.66. The European index decreased 0.6% to 121.79, the Asian index dropped 0.3% to 135.83, the Latin American index fell 1.4% to 196.08 and the emerging markets index declined 0.7% to 244.36.

Philips said cost-savings and strong sales delivered a boost to its second-quarter earnings as the Dutch company seeks to reposition itself as medical technology company. ADRs rose 2% to $26.61.

A consortium led by the chief executive of Baidu Inc. (BIDU, K3SD.SG) dropped its $2.3 billion bid to buy out the Chinese search giant's video-streaming operation after investors criticized it as a sweetheart deal for Baidu's chief to profit at the expense of public shareholders. ADRs fell 63 cents to $160.25.

Ericsson's (ERIC) ousted its chief executive as it battles slowing demand for its cellphone towers and switches, and faces fresh competitive threats from old and new players alike. The company said Monday that Hans Vestberg, who had led Ericsson since 2010, was stepping down immediately. The board named Ericsson's current chief financial officer, Jan Frykhammar, as interim chief executive. ADRs rose 1.1% to $7.44.

Ryanair Holdings PLC (RYAAY, RYA.LN, RY4C.DB) stuck to its earnings target for the year after its fiscal first-quarter profit rose 4%, bucking a trend for European carriers. ADRs of Europe's largest airline by passenger numbers rose 1.6% to $68.78.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

July 25, 2016 18:06 ET (22:06 GMT)

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