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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Olympus Corporation (PK) | USOTC:OCPNY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
International companies trading in New York closed lower Wednesday, in line with the broader markets, as investors confronted a drop in the euro and steep declines in commodity prices.
The Bank of New York Index of ADRs dropped 1.4% to 115.88 as gold, copper and crude oil prices all fell sharply.
Crude oil futures posted their biggest one-day drop in three months, sliding more than 5%, on growing worries about weak oil demand in the U.S. and Europe. Shares of Norway's Statoil ASA (STO, STL.OS) declined 2.5% to $24.38, Anglo-Dutch oil company Royal Dutch Shell PLC (RDSA, RDSA.LN) shed 2.4% to $69.50, and France's Total SA (TOT, FP.FR) closed 2% lower at $48.22.
French stocks were rattled by speculation of a rating downgrade for the country, while Credit Agricole SA (CRARY, ACA.FR), the country's third-largest listed bank, warned that it would post a loss for 2011 and said it would cut 2,350 jobs globally as it remains under pressure from the deepening sovereign debt crisis. Shares tumbled 5.6% to $2.68.
The European index fell 1.4% to 107.45.
Telefonica SA (TEF, TEF.MC) on Wednesday said its board has approved a reduction in dividends for 2012 and 2013, amid a "significant change" in economic and operating scenarios since shareholder remuneration targets were last set in 2009. Shares of Europe's No. 2 telecommunications company by market value declined 3.2% to $16.77.
ING lowered its stock-investment rating on Carrefour SA (CRRFY, CA.FR) to sell from hold and cut its target price to EUR15.50 from EUR19.00. The firm says this follows the Dec. 6 profit warning issued by peer Metro AG (MTTRY, MEO.XE), a clear signal of declining consumer spending trends throughout Europe. Carrefour has said it expects its 2011 fiscal year earnings before interest and taxation to be 15% to 20% down on the year. "We believe this target is vulnerable to decreasing consumer confidence," ING says, "triggered by the ongoing sovereign debt crisis and by expected new austerity measures." Shares dropped 5.6% to $4.24.
The Latin American index slipped 1.7% to 322.26.
Regional oil companies lost ground amid falling crude prices. Brazil's state-run Petroleo Brasileiro SA (PBR, PETR4.BR) fell 3.3% to $24.83, and YPF SA (YPF, YPFD.BA), Argentina's biggest oil and gas company, fell 1.6% to $33.45.
Mexico's largest mobile phone operator, America Movil SAB (AMX, AMOV, AMX.MX) unit Telcel, suffered service problems Wednesday due to failures in the government's mobile phone user data base, local media reported. Shares slid 0.7% to $22.23.
The Asian index closed 1.4% lower at 111.99.
Scandal-ridden Olympus Corp.'s (OCPNY, 7733.TO) shares lost 8% to close at $16.10 after the Japanese camera maker unveiled earnings figures that not only lifted the immediate threat of being delisted from the stock exchange, but revealed how much damage a long-running accounting fraud has done to its books.
Westpac Banking Corp. (WBK, WBC.AU) warned that Europe's debt woes will impact the price and possibly the availability of credit to Australia's banks, potentially stopping them from passing official interest rate cuts onto their customers to support shrinking margins. Westpac's shares fell 1.6% to $102.06.
The emerging markets index dropped 1.7% to 268.35.
Indian shares ended lower as November inflation overstepped estimates, dimming hopes the central bank may loosen its monetary policy stance soon. Analysts say the central bank can't afford to trim interest rates, or banks' mandated cash-holding amount, as freeing up cash among banks may further weaken the rupee. HDFC Bank Ltd. (HDB, 500180.BY) lost 3.1% to close at $26.29 and ICICI Bank Ltd. (IBN, 532174.BY) slid 2.6% to $25.53.
First Solar Inc. (FSLR) reduced its earnings outlook for 2011 and predicted weak results for 2012, weighing on the shares of Chinese solar companies. Trina Solar Ltd. (TSL, K3KD.SG) tumbled 9.3% to $6.47, Hanwha SolarOne Co. (HSOL) closed 7.1% lower at $1.05, and Yingli Green Energy Holding Co. (YGE) fell 7% to $3.61.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314; ian.thomson@dowjones.com
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