ADR Shares End Mixed; Telecom Italia, GlaxoSmithKline Shares Active

International stocks trading in New York closed mixed on Tuesday, with the Bank of New York index of American depositary receipts essentially flat at 155.01. The European index slipped 0.2% to 155.23, the Asian index added 0.5% to 144.29, the Latin American index was essentially flat at 296.37 and the emerging markets index declined 0.1% to 285.63. Among the companies with shares that actively traded were Telecom Italia SpA (TI, TIA, TIT.MI) and GlaxoSmithKline PLC (GSK, GSK.LN).

Telecom Italia said that first-quarter net profit dropped nearly 40% on falling revenue in its domestic market, weakness in Brazil and currency losses. The company, Italy's incumbent telecom operator, also saw a further decline in its average revenue per customer in Italy, in both mobile and fixed markets. It expects a gradual recovery in operating profit as the competitive environment cools somewhat this year, but expects a further fall in the overall Italian market. Shares fell 5.7% to $12.07.

GlaxoSmithKline said that phase III study of darapladib in patients following an acute coronary syndrome didn't hit expectations. Shares of the pharmaceutical company still rose 0.7% to $55.52.

Nokia Corp. (NOK, NOK1V.HE) received its second credit rating upgrade in as many days and moved closer to its goal of achieving investment grade, reflecting the positive view analysts have taken on the Finnish company following the sale of its tarnished handset business to Microsoft Corp. (MSFT). Shares of Nokia slipped 0.9% to $7.37.

Pfizer Inc. (PFE) put more pressure on AstraZeneca PLC (AZN, AZN.LN) to engage in talks Tuesday, as Pfizer Chief Executive Ian Read appeared before a U.K. parliamentary committee to defend his proposed $106 billion takeover of the U.K. drug maker. Shares of AstraZeneca added 0.6% to $78.36.

Lorenzo Zambrano, who became Mexico's poster boy for globalization by turning global cement giant Cemex SAB (CX, CEMEX.MX) into the country's first true multinational, died unexpectedly Monday in Spain, the company said. Cemex shares, however, showed resilience, posting gains. Analysts shared the company's view that operations will continue as normal while a replacement is named. "Volatility in the shares can't be ruled out given the disappearance of a person so relevant to the company, although it's clear the firm has a professional management team," said Banco Santander. Shares rose 0.9% to $12.81.

SAP AG (SAP, SAP.XE) is cutting a significant number of jobs as it moves to modernize its organization and shift its focus from packaged software to a cloud-based software delivery model. The layoffs, which could number in the thousands, follow a recent series of high-level executive departures, and ahead of a vote making co-chief executive Bill McDermott the company's sole CEO. Shares slipped 0.5% to $76.42.

Write to Anna Prior at [e-mail]

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