ADR Shares End Mixed; Sanofi, Banco Bilbao Vizcaya Argentaria Shares Fall

International stocks trading in New York closed mixed on Wednesday. The BNY Mellon index of American depositary receipts fell 0.7% to 144.14. The European index decreased nearly 1% to 141.03, the Asian index edged up 0.04% to 145.74, the Latin American index fell 0.89% to 260.39 and the emerging markets index declined 0.45% to 283.07. Among the companies with shares that actively traded were Sanofi SA (SNY) and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC).

French drug maker Sanofi dismissed Chief Executive Christopher Viehbacher on Wednesday because of his solitary management style, Chairman Serge Weinberg said Wednesday. Mr. Weinberg said that although the strategy pursued by the German-Canadian executive wasn't at issue, Sanofi's board had lost confidence in Mr. Viehbacher and unanimously decided to dismiss him. Shares fell 5.9% to $45.22.

Banco Bilbao Vizcaya Argentaria said Wednesday that third-quarter net profit rose sharply from a year earlier as Spain's No. 2 bank by market capitalization set aside fewer funds to cover bad loans. However the company's earnings missed analysts' expectations. Shares fell 5.2% to $11.13.

BP PLC (BP, BP.LN) is well-positioned to weather lower oil prices, Chief Executive Bob Dudley said at a conference Wednesday, a day after the oil major announced a sharp decline in third-quarter earnings. BP's profit was hit by a steep slide in oil prices since June from more than $100 a barrel to about $85 a barrel. However, that is still high enough to support BP's investment plans which were based on an assumed oil price of $80 a barrel, Mr. Dudley said. Shares rose six cents to $42.90.

Deutsche Bank AG (DB, DBK.XE) swung to a third-quarter loss after Germany's largest lender boosted reserves to cover fines from pending litigation. The loss was expected after the bank said last week that it would book EUR894 million in additional litigation reserves in the quarter, which was more than analysts had expected. The lender has now set aside EUR3 billion to cover fines from pending investigations. Shares fell 3.9% to $31.20.

Luxottica Group SpA (LUX, LUX.MI) said Wednesday its third-quarter net profit grew 10% to EUR162 million ($206 million) compared with the year-earlier quarter. The company, which makes eyewear for brands like Chanel and Giorgio Armani, said sales and operating profit also rose, as adverse effects resulting from currency-exchange rates were less significant than in previous quarters. Shares fell 1.4% to $49.

State-controlled PetroChina Co. (PTR, 0857.HK, 601857.SH, K3OD.SG) Wednesday posted a 6.2% decline in its third-quarter net profit on lower contribution from upstream businesses amid weaker oil demand. Shares rose 39 cents to $125.16.

Statoil ASA's (STO, STL.OS) acting Chief Executive Eldar Saetre warned Wednesday that oil prices may drop further and could remain subdued for some time, after the Norwegian oil major reported its first quarterly net loss since listing in 2001, mainly because of write-downs and lower energy prices. Shares rose five cents to $23.60.

Total SA (TOT, FP.FR) said Wednesday the recent slide in oil prices damped its third-quarter earnings and could hurt its results for the rest of the year, as the French oil major recovers from the sudden death last week of Chief Executive Christophe de Margerie. Shares rose nearly 1% to $58.64.

Write to Tess Stynes at [e-mail]

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