ADRs End Slightly Lower; PetroChina, Royal Philips, SAP Trade Actively

FeaturesDow Jones Newswires

International stocks trading in New York closed slightly lower on Tuesday.

The BNY Mellon index of American depositary receipts dropped 1% to 163.13. The European index decreased 1% to 149.33. The Asian index fell 1% to 194.99. The Latin American index dropped 0.3% to 280.81. And the emerging-markets index decreased 1% to 358.79.

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PetroChina Co. Ltd. (PTR), Royal Philips NV (PHG) and SAP SE (SAP) were among those with ADRs that traded actively.

Chinese oil giant PetroChina said Tuesday it expects its 2017 net profit to rise 165% to 203% from 7.9 billion yuan ($1.25 billion) a year earlier, according to Chinese accounting standards. The Chinese oil company said the expected jump in net profit for the year ended December is partly due to the significant rise in average realized prices of crude oil, natural gas, refined oil and other products. Cost-cutting measures and improved efficiency also helped the bottom line, PetroChina said. ADRs of PetroChina fell 6% to $76.52.

Philips said Tuesday that net profit increased 37% to 860 million euros ($1.06 billion) in the fourth quarter, as it backed its 2018 guidance and kept its dividend unchanged. The Dutch electronics producer said comparable sales were up 5% on the back of its personal-health division as well as its diagnosis and treatment businesses. The company expects its markets to grow at 3% to 5% on a comparable basis in 2018. ADRs of Philips dropped 3.7% to $40.28.

SAP on Tuesday said it would buy Callidus Software Inc. for $2.4 billion, as part of the German software company's latest move to bolster its cloud-computing business. The deal for the California-based company, which sells software used by sales and marketing teams, came as SAP reported fourth-quarter earnings. SAP said net profit rose 21% to EUR1.85 billion ($2.29 billion) in the quarter, as revenue rose 1% to EUR6.81 billion. For 2018, the company is forecasting non-IFRS operating profit of between EUR7.3 billion and EUR7.5 billion, and non-IFRS total revenue of between EUR24.6 billion and EUR25.1 billion. ADRs of SAP dropped 2.4% to $110.81.

(END) Dow Jones Newswires

January 30, 2018 18:06 ET (23:06 GMT)

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