ADRs End Lower; Novo Nordisk Falls

International stocks trading in New York closed lower on Tuesday.

Novo Nordisk A/S (NVO, NOVO-B.KO) was among the companies with ADRs that traded actively.

The BNY Mellon index of American depositary receipts fell 1.5% to 117.82. The European index decreased 1.9% to 115.29, the Asian index edged down 0.5% to 127.42, the Latin American index fell 2.1% to 167.27 and the emerging markets index eased 0.7% to 222.37.

Novo Nordisk's ADRs fell 4.8% to $52.12 after data for the Denmark drugmaker's Victoza diabetes treatment failed to meet Wall Street expectations. The company said its Leader trial showed the drug cut the risk of cardiovascular death by 13%. But investors had hoped for more, especially because rival treatment Jardiance from Eli Lilly & Co. (LLY) and Boehringer Ingelheim GmbH showed a similar, 14% reduction in its cardiovascular-outcomes trial, EP Vantage said. It adds Novo Nordisk was hoping for strong trial results to add the positive heart impact to Victoza's label and win over skeptical payers.

ADRs of Baidu Inc. (BIDU, K3SD.SG) fell 1.7% to $160.84 a day after the Chinese internet giant cut its quarterly revenue guidance, citing lower medical advertising as Chinese regulators heighten scrutiny of the fast-growing medical sector.

Alibaba Group Holding Ltd. (BABA) released an annual revenue forecast for the first time, projecting growth of 48% for the fiscal year ending in March as the Chinese e-commerce company seeks to alleviate investors' concerns about its growth prospects. ADRs rose 3.1% to $77.77.

The Norwegian government approved Statoil ASA's (STO, STL.OS) 8.2 billion kroner ($981 million) Oseberg Vestflanken 2 plan, which is set to extend the life of the aging Oseberg field center and provide much-needed work for the country's struggling oil-service sector. ADRs fell 1.6% to $15.92.

Total SA (TOT, FP.FR) said it bought 100% of Belgium-based power utility Lampiris as part of the French oil major's strategy to diversify into renewable energy and electricity. The company will pay between 150 million euros ($168 million) and 200 million euros, a Total spokeswoman said. ADRs fell 2.3% to $45.39.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

June 14, 2016 17:50 ET (21:50 GMT)

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