ADRs End Slightly Lower; LG, Ericsson and China Life Trade Actively

International stocks trading in New York closed slightly lower on Friday.

The BNY Mellon index of American depositary receipts fell 0.4% to 153.20. The European index decreased 0.2% to 141.37. The Asian index went down 0.6% to 179.16. The Latin American index fell 1% to 270.81, and the emerging-markets index dropped 1% to 332.63.

LG Display Co. Ltd. (LPL), LM Ericsson Telefon AB (ERIC) and China Life Insurance Co. Ltd. (LFC) were among those with ADRs that traded actively.

The Wall Street Journal reported Apple Inc.'s efforts to line up a second supplier for its high-end smartphone screens--and reduce its dependence on Samsung Electronics Co.--have hit a hurdle because LG Display Co. is struggling to make them, according to people familiar with the matter. South Korea's LG Display is working to boost production of organic light-emitting diode displays in hopes that it can provide some of the screens for iPhones set to be released later this year, the people said. OLED screens tend to be thinner and more flexible than those typically used in smartphones.

However, manufacturing problems have caused LG to fall behind the schedule that many suppliers follow before beginning mass production for iPhones, which usually starts around July, the people said. ADRs of LG dropped 2.1% to $11.47.

Telecom gear maker Ericsson reported a net loss for its first quarter of 837 million Swedish kronor ($99.7 million). Analysts polled by FactSet had expected a net loss of SEK1.74 billion. Revenue decreased to SEK43.41 billion, a tad less than the SEK43.54 billion analysts expected. The company is continuing to invest heavily in R&D as it readies for roll-outs of 5G networks, but it said its efforts to improve cost efficiency are starting to pay off. ADRs of Ericsson rose 17.2% to $7.78.

After what was likely the worst quarter in four years for China life insurers' value-of-new-business growth, Nomura says it is time to bottom-fish. Results should stabilize starting this quarter, the investment bank contends. The bull isn't surprised with how the first quarter fared, warning in December about "very disappointing open year sales." First-year premiums fell by double-digits in the first quarter amid tighter regulations, strong year-earlier results and competition from financial products offering higher returns to clients. ADRs of China Life rose 1.2% to $14.

(END) Dow Jones Newswires

April 20, 2018 18:22 ET (22:22 GMT)

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