ADR Shares End Mixed; Philips Shares Drop

International stocks trading in New York were mixed on Tuesday.

The BNY Mellon index of American depositary receipts was unchanged at 142.56. The European index increased 0.11% to 140.14, the Asian index dropped 0.43% to 146.7, the Latin American index rose 0.52% to 233.53 and the emerging markets index declined 0.3% to 273.7. Among the companies with shares that actively traded was Philips NV (PHG, PHIA.AE).

Philips warned on Tuesday that it has fallen behind its 2016 financial targets, following a number of setbacks that contributed to a 67% drop in the Amsterdam-based electronics maker's fourth-quarter net profit. The company cited a series of operational difficulties, a slowing global economy and mounting costs related to plans to split its business. The split hadn't been decided when the targets were announced in 2013. The share price fell 5.3% to $28.70.

Ericsson AB (ERIC) posted a weaker-than-expected fourth-quarter net profit and said sales growth had stalled, after North American network operators curbed investment in new high-speed wireless networks. The Sweden-based telecom equipment maker's shares fell 2.3% to $12.14.

Swiss pharmaceutical giant Novartis AG (NVS, NOVN.VX) reported fourth-quarter profit declined but said it expects its business to gain momentum this year despite uncertainty spawned by the strengthened Swiss franc. Shares rose 2.5% in price to $98.93.

Write to Tess Stynes at [e-mail]

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