ADRs End Mostly Lower; Anheuser-Busch InBev, AstraZeneca Trade Actively

Features Dow Jones Newswires

International stocks trading in New York closed mostly down on Thursday.

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The BNY Mellon index of American depositary receipts eased 0.11% to 145.63. The Asian index declined 0.36% to 167.12. The Latin American index declined 0.37% to 232.90. And the emerging-markets index fell 0.71% to 305.60.

Meanwhile, the European index edged up 0.04% to 137.28.

Anheuser-Busch InBev NV (BUD, ABI.BT) and AstraZeneca PLC (AZN, AZN.LN) were among those with ADRs that traded actively.

Anheuser-Busch InBev, the world's largest brewer by sales, reported surging profit due to its integration of rival beer giant SABMiller as sales of Budweiser and Bud Light continued to decline in the U.S., its largest market. But AB InBev said its best-selling brand in the U.S., Bud Light, lost almost a full percentage point of market share in the three months to June 30--a steeper-than-expected retreat in a long-running, beer-sales war usually fought in tenths of a percent. Budweiser also lost market share--more than a third of a percentage point in the U.S. ADRs rose 6% to $122.84.

AstraZeneca reported disappointing results for a closely watched lung-cancer drug trial, wiping away almost $14 billion of market value Thursday and raising fresh questions about the company's growth plans. The trial, dubbed Mystic, aimed to show that the combination of two of AstraZeneca's immuno-oncology drugs--designed to boost the immune system's ability to attack cancer cells--could increase their individual disease-fighting prowess. AstraZeneca said the trial instead showed the combination was no better than standard chemotherapy at shrinking tumors in newly diagnosed advanced lung cancer. ADRs fell 15% to $28.88.

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Spirits-maker Diageo PLC (DEO, DGE.LN) plans to cut costs of GBP700 million ($920 million) with the help of zero-based budgeting and the deployment of robotics in its back office. The British company on Thursday raised its savings target by GBP200 million, as it works to achieve its overall savings goal by the end of its 2019 financial year. ADRs rose 5% to $127.23.

Royal Dutch Shell PLC (RDSA, RDSA.LN, RDSB, RDSB.LN) is whipping its business into shape for a world in which oil prices are "lower forever," Chief Executive Ben van Beurden says, riffing on the mantra of "lower for longer" that the industry adopted at the beginning of the oil-price downturn. The company is continuing work to drive down costs and improve efficiency. "We are getting fit for the 40s," Mr. van Beurden said, referring to a scenario where oil prices are below $50 a barrel. ADRs rose 1.6% to $56.40.

(END) Dow Jones Newswires

July 27, 2017 18:59 ET (22:59 GMT)