ADR Shares End Lower; SAP Shares Trade Actively

International stocks trading in New York closed lower on Thursday. The Bank of New York index of American depositary receipts fell 1.44%, to 155.14. The European index decreased 1.52%, to 153.23; the Asian index dropped 1.35%, to 149.28; the Latin American index fell 1.32%, to 299.7; and the emerging markets index declined 1.43%, to 293.89. Among the companies with shares that actively traded was SAP SE (SAP, SAP.XE).

SAP said that revenue from cloud applications rose rapidly in the second quarter, despite reporting a 23% drop in profit. But investors focused on revenue generated from the German software company's cloud-based products, which jumped 52% and management raised its forecast for full-year cloud revenue. Shares rose 1.3%, to $80.68.

Cemex SAB (CX, CEMEX.MX) shares fell after a report that housing starts in the southern U.S. fell 30% in June. The Mexico-based cement maker has a significant presence in the U.S., and particularly in the south. Shares declined 2.7% to $12.89.

Novartis AG (NVS, NOVN.VX) said strong sales in emerging markets fueled a 2% jump in second-quarter revenue, a performance that comes as the pharmaceutical giant readies for a sweeping overhaul that will narrow its focus. However the results missed expectations. Shares fell 1.7% to $88.53.

Write to Tess Stynes at [e-mail]

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