ADR Shares End Mixed Following Fed Meeting

   By Anna Prior 
 

International companies trading in New York closed mixed Wednesday as the Federal Reserve offered an unexpectedly optimistic assessment of the U.S. economy after its policy-setting meeting.

The Bank of New York index of ADRs fell 0.3% to 150.12.

Many investors and analysts were expecting the Fed to downgrade its economic outlook after the budget wrangling in Washington earlier this month, according to The Wall Street Journal. The fact that there weren't any big changes to the Fed's assessment underscores the view that the U.S. economy remains resilient, boosting the likelihood of the Fed cutting back on its bond-buying program in the coming weeks or months, though the Fed made no changes Wednesday.

Also weighing on the index was Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV), which said President and Chief Executive Jeremy Levin will depart from the company after less than a year and a half at the helm. The Israel-based generic-drug maker said its board "has agreed" with Mr. Levin, who became CEO in May 2012, that he will step down from the post. Chief Financial Officer Eyal Desheh will serve as president and CEO on an interim basis, effective immediately. Shares fell 8.1% to $37.70.

The European index dropped 0.5% to 145.24.

Pearson PLC (PSO, PSON.LN) Wednesday issued a warning on its full-year profit due to weak demand for college textbooks in the U.S., as the U.K.-based publisher and education specialist restructures to sharpen its focus on high-growth economies. Shares fell 4.1% to $21.03.

Amarin Corp. (AMRN) said the U.S. Food and Drug Administration has rescinded a special protocol assessment agreement for a study related to the biotechnology company's supplemental new drug application for its cholesterol drug Vascepa, which an FDA advisory committee voted against earlier this month. Shares fell 14% to $1.81.

The Asian index rose 0.1% to 150.34.

Suntech Power Holdings Co. (STP, K3ND.SG) said Wuxi Guolian Development Co. has indicated it plans to make at least a $150 million investment in the struggling Chinese solar company to help with its restructuring efforts. Shares jumped 10% to $1.40.

Baidu Inc. (BIDU, K3SD.SG) returned to profit growth in the third quarter and offered a bullish revenue outlook for the fourth, as the Chinese search giant found ways to make more money from its network of advertisers. Shares rose 3.5% to $164.93.

The Latin American index edged down 0.1% to 305.69 and the emerging markets index edged up 0.1% to 286.52.

Brazilian mobile-phone company TIM Participacoes SA (TSU, TIMP3.BR) late Tuesday said its profit dropped in the third quarter, due to the increase in debt service costs in the period. Shares edged down 0.4% to $26.18.

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